A Los Angeles-based business bought a 125,000-square-foot building at the corner of Roop Street and Mallory Way for $900,000 Tuesday and likely will lease the property as a warehouse.
The former home of Mr. Gasket and Mallory Electric, 550 Mallory Way, sold in about 10 minutes to Thrifty Property Management & Investments at the Sperry Van Ness Gold Dust Commercial Associates auction. The minimum bid was $750,000.
The building was built in 1969 and sits on about six acres.
Henry Baghdady of Thrifty Property Management said the business already has a few possible tenants and hopes to be leasing it as a warehouse soon.