Ramser Development Co.'s $5.5-million property purchase at Santa Fe Avenue and 12th Street in Los Angeles, on a site that had been targeted for a prison, is in escrow, and its owners are proceeding with plans for its development as the Crown Commerce Center.
Demolition of existing buildings will begin in May after the current owner, Crown Coach International, relocates. Five new tilt-up buildings totaling 276,000 square feet of space designed for light manufacture, assembly, warehouse storage and distribution are expected to be available for occupancy in the first quarter of 1988.
The 8.25-acre property is within a five-mile radius of three other industrial projects currently under construction by Ramser Development. Fullmer Construction has been assigned to build the Crown Commerce Center, Development Concepts Corp. of Westlake Village ios the architect, and Grubb & Ellis Commercial is the leasing broker.