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5/30/14
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The Magellan Group has acquired one of the largest parcels entitled for industrial development in the greater Los Angeles area, a 26.8-acre site in El Monte. The parcel, which was sold by a joint venture between Penwood Real Estate Investment Management and Wohl Property Group, sold for $20.5 mil.
The Magellan Group, in a venture with Principal Real Estate Investors, plans to complete a $55 mil industrial development project on the site, located at 4127-4213 Temple City Blvd. The project, Magellan Gateway, will include 500k sf of industrial space in five buildings that are scheduled for delivery in the third quarter of 2015.
Both parties in the transaction were represented by the Cushman & Wakefield team of Executive Director John Minervini, Senior Director Erik Larson, Senior Director Robin Dodson and Associate Director Chris Tolles, out of the Downtown Los Angeles office.
“The opportunity to acquire this sizable infill site for industrial development aligns very well with our growth strategy in Southern California,” said Kevin Staley, Principal and Co-founder of The Magellan Group. Magellan has been an active investor and developer of industrial and storage properties in California, including recent acquisitions in Duarte, Riverside and Baldwin Park.
“Magellan Gateway is a great example of the many reasons the San Gabriel Valley has grown into one of the largest and strongest industrial submarkets in Southern California,” said Cushman & Wakefield Senior Director Erik Larson. “With significant pent-up user demand, a strategic location and convenient freeway access, this area has become a prime destination for companies looking for large industrial properties, added Larson.”
The San Gabriel Valley has an overall vacancy rate of 3.3%, the lowest since 2008 according to Cushman & Wakefield’s Q1 2014 Greater Los Angeles Industrial Snapshot.
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