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2/27/23
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A fully vacant, 31.7k sf industrial building in Covina was purchased by an unnamed owner/user for $7.25 mil, or $229/sf. The property is located at 1165 E Edna Place.
The property was sold by Los Angeles-based Dunleer, who acquired the building about 12 months ago for $5.41 mil and made capital improvements to the exterior of the asset including parking lot enhancements and an updated exterior color scheme.
Built in 1962 and situated on approximately 1.5 acres, the asset is located off Interstate 210 and the I-10 freeway, both key arteries between Downtown Los Angeles and Riverside County. With Downtown Los Angeles only 20 miles away, the property is conveniently situated between the major population centers of Los Angeles, Orange County, and Riverside County.
“We simultaneously marketed this asset for lease and for sale and garnered a number of offers from local users seeking to purchase the asset as it presented an achievable price point,” said BJ Turner, Founder of Dunleer. “With a short supply of properties of this size as well as a vacancy rate under 2% in the local market, this property was in high demand and we are pleased to have secured a strong return on our investment over a compressed time frame.”
The buyer is a manufacturer and will renovate the interior area to fit its specific needs. Kurt Yacko of DAUM Commercial Real Estate Services and Kerel Sharfner of New Vision Commercial represented Dunleer in the transaction.
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