|
|
11/29/22
|
A four-building, 95.7k sf freestanding industrial park in City of Industry was purchased by Newport Beach-based Focus Real Estate and their joint venture equity partner Long Wharf Capital, in a $30.75 mil ($321/sf) transaction. The industrial park is located at 19501 E. Walnut Drive S., 1180 Wright Way, 1170 Wright Way and 19449 E. Walnut Dr. S, west of Fairway Dr.
The fully leased park features prime 60 Fwy frontage, up to 24’-height clearance, dock-high and ground-level doors, and ample parking on low coverage lots. The asset affords the buyer value-add repositioning and cash-flow upside as it is situated on individual parcels with mark to market near-term lease expirations.
Anthony Bergeman, SIOR, Krishna Shegran, Michael Chase, Charles Johnson and Joseph Harmon with DAUM Commercial Real Estate represented the buyer in the deal. The seller, a private investor, represented itself in the transaction.
Demand for warehouse space in Los Angeles County remains strong as rents continue to rise and developers complete new projects. According to a DAUM report, asking industrial rental rates in the San Gabriel Valley market where City of Industry is located increased by 2.0% in Q3 from the previous quarter to a record high of $1.51 per square foot.
“With investor interest in industrial assets in this submarket so robust, sales prices have risen 5% and sales volume increased by 8.8% in the third quarter,” says Bergeman. “Industrial investors and users are extremely interested in properties in this market, as City of Industry is composed almost entirely of industrial assets and serves as an economic hub for the San Gabriel Valley.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
