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6/16/16
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Indio Products has purchased a free-standing, 153k sf industrial building in Whittier for $15 mil ($98/sf). The deal is said to be the largest user sale transaction in the approximately 134 msf Mid-Counties submarket of Los Angeles this year.
The property is situated on 7.6 acres of land at 12910 Mulberry Dr, just east of Santa Fe Springs Rd. The buyer plans to use the building as its corporate headquaters, manufacturing and distribution center, and will also be reactivating the rail line to bring in wax to manufacture candles.
Rick McGeagh, Josh Bonwell and Steve Young of CBRE represented the seller, Rexford Industrial. Tony Naples from Lee & Associates repped the buyer, Commerce-based Indio Products, a manufacturer and distributor of religious, spiritual and mystical products
“The strength of the industrial market in this Mid-Counties area is unprecedented. The severe lack of supply as reflected in the vacancy rate at less than 1% is driving values to record highs” said Rick McGeagh.
The Greater Los Angeles area industrial market has seen record low availability levels while demand is ever-increasing, likely pushing rents up 6 percent by year-end, according to CBRE’s first-quarter research report. The industrial market generated more than 1.2 msf in positive net absorption.
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