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5/29/15
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The Magellan Group has begun construction on Magellan Gateway, a five-building, 501.3k sf industrial park in the San Gabriel Valley city of El Monte. The company acquired the 26.8-acre site, at 4127-4213 Temple City Blvd, about one year earlier from a joint venture between Penwood Real Estate Investment Management and Wohl Property Group for $20.5 mil, as reported on RENTV at the time.
Magellan Gateway is lsated to cost $55 mil and is the first new large scale industrial development in El Monte since 2008. Designed by HPA Architecture, the project is expected to meet the criteria for a LEED Sustainable Facility pending certification. Completion of the project is scheduled for fourth quarter 2015.
The project offers a variety of flexible tenant spaces for lease or sale, with 14 units ranging in size from 10.9k sf to 164.3k sf. Building features include 26- to 30-foot clear heights, dock-high and grade-level loading, concrete driveways and truck courts, T5 warehouse lighting, flexible column spacing, finished ground floor office spaces and ample mezzanine space.
“Magellan Gateway is an ideal project for owner users and tenants seeking a Class A project with superb functionality and top-quality construction in a location central to the Greater LA area,” said Robin Dodson, executive director at Cushman & Wakefield. Dodson represents the project with fellow Cushman & Wakefield brokers John Minervini, Erik Larson and Chris Tolles.
The Magellan Group continues to be active throughout the Southland, including the pending completion next month of an 800-unit storage facility in nearby Duarte. Magellan has also completed the investment cycle on several value add projects, including the sale of a 530k sf industrial and office project in Commerce last week and the recent disposition of two industrial buildings in Riverside.
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