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8/22/14
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In an LA County development land buy, Great Dragon LLC spent $6.5 mil for three parcels of land totaling 4.95 acres ($30.50/sf) in the City of Industry. The land was sold by AEW Capital Management L.P.
The parcels, which are located at 18625-18639 Railroad St, are M1 zoned, permitting light industrial on the site. Great Dragon, a shoe distributor, plans to develop a building on the property that will total approximately 90k sf.
Erik Larson, John Minervini, Robin Dodson and Chris Tolles of Cushman & Wakefield’s downtown Los Angeles office represented AEW in the sale. C&W tells us that the property offered a rare development opportunity for the buyer in the City of Industry’s “shoe alley,” a highly sought after location preferred by shoe import companies.
“Industrial land demand continues to outpace supply, particularly in well located in-fill submarkets like the City of Industry,” Larson said. “This trend has really pushed land values, which have increased approximately 50% over the last 12 months.”
According to Cushman & Wakefield, at mid-year 2014, 417k sf of industrial product is under construction in the City of Industry submarket of the San Gabriel Valley. Additionally, the San Gabriel Valley’s overall industrial vacancy rate is currently 2.9%.
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