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7/17/24
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An 18.7k sf industrial building in the City of Industry traded in a recent $7 mil ($374/sf) transaction. It was acquired by a private investor in a deal with a closing cap rate of 5.20%.
The three-unit, NNN-leased structure sits on a 42.5k sf lot at 19449 E. Walnut Drive S and 1165 Wright Way, adjacent to the south side of the 60 Fwy, west of Fairway Dr. It is anchored by Sherwin Williams.
The free-standing industrial building features four ground-level doors, a ceiling height of 19 feet, and a total of 37 parking spaces. The warehouse, office, and loading areas have been renovated and are ready for a fenced yard and exterior dock installations.
Situated less than 30 minutes from three major airports and featuring frontage on the 60 Fwy, the property sits in a prime east City of Industry location known for historically low vacancy rates and high rent growth metrics. Industrial investors are particularly interested in this area, as the city serves as an economic and logistic hub for the San Gabriel Valley.
The property was sold by Focus Real Estate and Long Wharf Capital, who purchased the asset as part of a larger portfolio buy in 2022. Since then, the value of the asset appreciated with the recent value-add repositioning of the property and the addition of two long-term tenants, Himiway, and A Plus Floor & Moulding, along with a renewal of Sherwin Williams to a long-term lease.
Anthony Bergeman, Charles Johnson II, Joseph Harmon, SIOR, Krishna Shegran and Michael Chase with DAUM Commercial Real Estate Services represented the seller in the transaction.
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