Attractive features surrounding a 12-acre heavy industrial site in Fresno, California, made the $6.7 million purchase of it a no-brainer for 25th Street Recycling.
The property is located at 3535 S. Golden State Blvd., with easy access to Highway 99 and Golden State Blvd., contributing to the property's value.
25th Street Recycling's purchase of the land closed in April 2023 for $12.82 per square foot. The seller is listed as Papikian Enterprises, according to CoStar data. The sale/acquisition received a 2024 CoStar Impact Award for the market, as judged by real estate professionals familiar with the market.
In addition to the location's access to major roads and highways, an existing auto salvage yard was already in place, and two licenses were made ready for business expansion, giving the new owner the ability to purchase vacant land around the site.
The industrial site also included four existing building structures with utilities already in place and in working condition. Through a turnkey solution, the site was ready for immediate use.
About the Project: The deal underwent a four-month negotiation process guided by Patrick Monreal of Mark Saito Company and his partnering agent, Jeff Kim.
What the Judges Said: "This is an environmentally challenged site, which would only appeal to a very narrow pool of investors." — Robin Kane, senior vice president, The Mogharebi Group.
"This has the ability to bring more revenue to the city of Fresno. In addition, with increased revenue, there will be additional jobs to support the increase in business." — Junus Perry, broker/owner, Premium Commercial Group.
They Made It Happen: Patrick Monreal, president and sales executive at Mark Saito Company, represented both the buyer and seller.