Focus Real Estate JV Buys LA-Area Industrial Asset
The San Gabriel Valley property traded for nearly $31 million.
Focus Real Estate, in a joint venture with Long Wharf Capital, has acquired a 95,745-square-foot industrial park in City of Industry, Calif., for $30.8 million. The previous owner was Nobbs Family Foundation, CommercialEdge data shows. DAUM Commercial assisted the buyer, while the seller represented itself in the off-market transaction.
The four-building industrial park came online in 1973 at 19501 E. Walnut Drive S., 1180 Wright Way, 1170 Wright Way and 19449 E. Walnut Drive S.. The Class B asset features up to 24-foot clear heights, dock-high and ground level doors, as well as ample parking.
The property was fully leased at the time of sale, its roster including Digi Ecity Inc. and Black Series Campers, among others. The location is approximately 7 miles from downtown City of Industry and 25 miles from Los Angeles, just south of Freeway 60.
The DAUM team included Executive Vice President Anthony Bergeman, Associates Krishna Shegran and Michael Chase, alongside Executive Vice President Charles Johnson and Vice President Joseph Harmon.
City of Industry, a magnet for industrial investors and users
Demand for industrial space in Los Angeles is still strong, influencing increases of in-place rents,. Bergeman said, in a prepared statement, that investors and users eye City of Industry in particular, as it serves as San Gabriel Valley’s economic hub and consists almost entirely of industrial properties.
According to DAUM’s third quarter market report on the San Gabriel Valley industrial market, the sales volume, totaling $441.5 million, was 8.8 percent higher over the quarter, while the median price was up 5 percent, reaching $302 per square foot. In one of these transactions, EverWest Advisors paid $45.9 million for a 182,275-square-foot industrial building in Pomona, Calif.