C.R. Laurence to Expand Via Vernon Land Purchase
1 Apr, 2010, Vernon
Cushman & Wakefield, the world’s largest privately-held commercial real estate services firm, today announced the sale of a 10.7 acre parcel of raw land at 2200 E. 55th Street & 2001 E. 57th Street in Vernon, for total consideration of $14.4 million. The site will enable CRL to expand its long term presence in Vernon with the construction of an additional 250,000 square foot manufacturing facility.
Cushman & Wakefield Executive Director John McMillan, Senior Director Jeff Sanita, and Associate Tim Wallace represented the buyer, C.R. Laurence Co., Inc (CRL), and the seller, the City of Vernon.
“We are delighted to be deepening our roots in the City of Vernon with the purchase of this strategic site,” said Lloyd Talbert, President of CRL. “The new property will enable us to complete a planned expansion of our manufacturing operations and will mark the company’s fifth industrial facility located in Vernon.”
“Vernon is a world class industrial hub offering a vital economic engine in the region,” said Donal O’Callaghan, City Administrator for Vernon. “We are extremely fortunate to have firms like CRL investing in the city as they continue to grow their business ".
The City of Vernon consists almost entirely of industrial properties located approximately five miles southeast of Los Angeles. It is home to more than 1,800 businesses which employ approximately 50,000 individuals. A tribute to its success, Vernon consistently boasts one of the lowest vacancy rates in the greater Los Angeles area.
C.R. Laurence Co., Inc. is a leading supplier to the glazing, railing, architectural, construction, industrial, and automotive industries. Offering more than 50,000 products, the company serves the industry from 25 locations throughout North America, Europe, and Australia.
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