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10/06/16
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Spire Properties LLC and DC Railroad LLC purchased a 100k sf industrial building in the City of Industry for $14.1 mil ($141/sf). The property, which sits on 7.58 acres of land, was previously leased and used for food processing and distribution since its construction in 1976.
The facility features office space on the first and second floor, approximately 35k sf of food processing areas and 45 percent cooler warehousing. The buyer will use the building’s existing set–up for the expansion of its Asian food manufacturing business, Rice Field Corp. The company already occupies another 100k sf food processing building in City of Industry.
CBRE’s Art Rasmussen, Lynn Knox and Case Dahlen represented the sellers. Gin Liu of Kotai Commercial repped the buyer in the deal.
“We received a tremendous amount of interest from users specializing in either food processing or warehousing uses as well as investors considering renovating the existing building,” said Rasmussen. “We ultimately ended up with five active offers and chose the buyer based upon the fact that they could utilize the existing food-related improvements.”
The facility is in proximity to the Greater Los Angeles area’s infrastructure and large Southern California consumer base and sits in an extremely dense infill market. Strong demand this year has resulted in more than 21.7 msf of occupancy gains in the region, pushing vacancy rates to a new all-time low of 1.1 percent, down 50 basis points year over year, according to CBRE second-quarter research.
“The San Gabriel Valley has a less than 0.5 percent vacancy rate with little available industrial space,” said Knox. “There is a high demand for sites like this in this area.”
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