paid almost $44M for a vacant 300,000-square-foot property in Los Angeles


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.

Copyright © 2011 Commercial Real Estate Direct, a service of FM Financial Publishing LLC. All rights reserved.

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About Tori Gable

Prior to Real Estate I held a position at Bank of America in Private Banking as a Senior Relationship Associate and Fiduciary Specialist. Due to my exposure with high-net worth individual and the experience of the procedures of Trust accounts I am now the 1st contact for many Private Client Service Managers and the sale of properties held in trust. In addition to my experience managing many trust accounts for Bank of America, I was responsible for managing an array of products for our clients including mortgages and money management. My wide base of knowledge provides me the ability to manage my client’s entire transaction and allows me to excel in my chosen profession of Real Estate. I began my Real Estate Career by partnering with one of the biggest brokers in Beverly Hills – June Scott http://junescott.com/. Her reputation, knowledge, and experience were unsurpassed. Our client base was the elite of Hollywood, many producers, celebrities, and business managers. I was with June at Coldwell Banker for the 1st year of my career, while honing my own skills I was able to learn from one of the best in the industry again adding to my ability to manage my client’s entire transaction. After working with June Scott I partnered up with Jade Mills as a buyers agent http://jademills.com/. Jade being another legendary broker in Beverly Hills gave me the edge I needed to gain wide exposure. This experience also gave me the exposure to the multi-million dollar Real Estate market, as our average listing was upwards of $4MM. The list of power house brokers I am associated with opens many doors in this business for me, in addition to gaining instant respect from not only new brokers but brokers that have been in the business for 20 or more years. This business is about relationships, not only with your client base but with your peer group. Earning the respect and recognition of my associates has allowed me to be extremely successful and provide top notch service to my clients. Currently I am with Prudential California Realty in the PacificDesignCenter. I have partnered with two agents that are in the top 3% off all Prudential agents nationwide. Collectively we have over 25 years of experience, are managing an average of 5-8 listings per month, and are working with numerous buyer clients. By joining forces we expanded our advertising budget and ability to handle all of our clients needs.
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