12/5/2007

Realty Advisory Group brokers $11.15M sale of L.A. industrial property

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2465 Fruitland Ave.

FAEC Holdings, LLC, an affiliate of Los Angeles, Calif.-based Wang Globalnet, has purchased an industrial/manufacturing property in Vernon for $11.15 million from Dave and Grace Tung, co-owners of Union City Concord Industries.

John and Mark Repstad of Binswanger/Realty Advisory Group represented the sellers while Edward Lee of Lee & Associates represented Wang Globalnet.

Built in 1989, the 89,470 square foot building is located at 2465 Fruitland Ave. Concord Industries, a tape manufacturing company, was fully leasing the property but has since vacated. Wang Globalnet plans to occupy 50,000 to 60,000 square feet and lease the remaining space to a cold storage company, according to Repstad.

Vernon is located approximately four miles south of Los Angeles and has a population of 91, according to the U.S. Census Bureau.

Repstad, director of Binswanger/Realty Advisory Group, specializes in industrial properties in Central Los Angeles. He is a member of the American Industrial Real Estate Association and a graduate of the University of Arizona.

Lee is an associate at Lee & Associates and specializes in industrial and commercial properties in Los Angeles. He is bi-lingual in English and Korean and was president of the Orange County Korean-American Lions Club in 2005-2006. He earned his B.S. in Mathematics from the University of California at Los Angeles.

Address: 2465 Fruitland Ave., Vernon, Calif.

Size: 89,470 square feet

Built: 1989

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Filed Under: Industrial

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