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8/07/17
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Rexford Industrial Realty closed on another SoCal industrial buy, paying $14.55 mil for Irwindale Canyon Business Park, an 87.4k sf property located in Los Angeles County’s San Gabriel Valley.
The institutional-quality property, located at 4832-4850 Azusa Canyon Rd in Irwindale, is 100% leased to two tenants, Rieke Packaging Systems and Bee Imagine LLC, a retail distribution company.
The property, which was completed last year, is situated on 3.55 acres. It features eight dock-high and five ground-level loading doors, a 181’ all concrete secured truck court, energy efficient T5 warehouse lighting and ESFR sprinkler system.
The 12.6 msf Irwindale industrial market has 206 industrial buildings and a mere 164.7k sf of available space at properties sized between 10k sf and 100k sf, according to CBRE research.
CBRE’s Mark Shaffer, Gary Stache, Anthony DeLorenzo, Doug Mack, Lynn Knox and Jason Chao represented the sellers, Shubin Nadal Realty Investors and Penwood Real Estate Investment Management LLC. Rexford represented itself in the transaction. According to Shaffer, overall vacancy is a mere 0.3% in this area.
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