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2/03/23
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JAR Commercial Investments LLC purchased Azusa Center, a two-building, 75.1k sf industrial property in Azusa, from SENTRE for $20.5 mil ($273/sf). Azusa Center is located on a 3.67-acre lot at 301 and 411 N. Aerojet Ave, within the San Gabriel Valley.
The property is near the I-210, I-10 and I-605 freeways, and 38 miles northeast of the Ports of Los Angeles and Long Beach. The two buildings feature 22’- 26’ ceiling heights, concrete tilt-up construction, an ESFR fire sprinkler system, three dock-high doors, and four ground-level doors. Azusa Center was fully leased at the time of the sale.
CBRE’s Michael Longo, Barbara Perrier, Anthony DeLorenzo, Mark Shaffer, Darla Longo, Rebecca Perlmutter, Brett Hartzell, Joe Cesta, Paige Morgan, Eric Cox, Lynn Knox and Case Dahlen represented the seller in the transaction.
“The sale of Azusa Center is indicative of the strong investor demand for high-quality industrial real estate within the supply-constrained and low vacancy submarkets of Southern California,” said Michael Longo. “With access to over 7.6 million people within 25 miles, this site represents a truly unique core investment opportunity.”
According to CBRE Research, Greater Los Angeles industrial asking rents rose to an all-time high of $1.54 per sq. ft. (per month) in Q3 2022 as demand continued to outweigh supply. Greater Los Angeles also posted 180.2k sf of net absorption and registered a vacancy rate below 1% for the fourth consecutive quarter.
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