An industrial property located at 3115 South Grand Avenue in Central Los Angeles was recently sold and financed through a loan. The property spans 5,184 square feet and traded for a sale price of $2,200,000, resulting in a price per square foot of $424. The transaction took place in the 90007 zip code, making it a record-breaking sale with the highest price per square foot in the last three years.

Summary of transaction details

• Property Type: Industrial
• Transaction Amount: $2,200,000
• Square Footage: 5,184
• Address: 3115 South Grand Avenue, Central Los Angeles
• Market: Central Los Angeles

Leading the deal, Ben Wolfinsohn acted as the buyer, acquiring the property from Marla Diamond. The loan for the transaction was provided by Business Finance Capital CDC, with Lee Kleinman representing the lender. The loan amount totaled $1,980,000 and was an acquisition loan. The financing structure involved the SBA 504 program, with the bank offering a 50% first mortgage and the SBA providing a 40% second mortgage.

Bryan Abayan of DAUM Commercial played a dual role as the broker, representing both the buyer and the seller in this transaction. The deal generated multiple offers and was successfully closed within ninety days. It is worth noting that the property was sold over the asking price, further highlighting the demand and competitiveness of the market.

Overall, this transaction marks a significant milestone in the industrial real estate market in the 90007 zip code, demonstrating strong buyer interest and leading to a record-breaking price per square foot.