Vacant Los Angeles Dist. Site Sold for $44M
Aug 3, 2011 – CRE News
A venture between Worthe Real Estate Group and Shorenstein Properties has paid almost $44M for a vacant 300,000-square-foot property in Los Angeles.Wells Fargo & Co. sold the property at 13031 West Jefferson Blvd. after taking it through foreclosure. Developer Lionstone Group had been the three-building complex’s previous owner. The property had most recently been used as a post office distribution center, but was sold by the U.S. Postal Service for $75M to Home Depot in 2006. The hardware company later sold it to Lionstone for an undetermined sum. The venture between Worthe and Shorenstein, of San Francisco, plans $25M in renovations to the 20-acre property, which it intends to redevelop into office space.
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