Beverly Hills-based Dunleer has sold an industrial building in Temple City for $13.8 million, seeing a huge profit after owning the site for only a short time.
The property, at 9620-9642 Gidley St., sits on 2.64 acres. Dunleer had initially planned to do a value-add renovation at the property after acquiring it last year, but instead decided to capitalize on demand for industrial properties and sell for 130% of the purchase price after owning it for just four months.

BJ Turner, founder and chief executive of Dunleer, in a statement called the sale a “win-win transaction that allowed us to benefit greatly from a strategically timed purchase and the velocity of the market that has been accelerated and enhanced by the pandemic.”
He noted the property was vacant and ready for immediate occupancy at a strategic infill location. “In today’s high velocity, low occupancy market, this asset was a rarity,” he said.
Daum Commercial Real Estate Services’ Jordan Lara represented Dunleer in the transaction.

“This investment benefitted from the rapid movement the Los Angeles industrial market experienced in the second half of 2021,” Lara said in a statement. “When negotiating Dunleer’s purchase of the asset last year, we locked in exceptional pricing early on. Furthermore, we facilitated a three-month leaseback, which was a significant benefit for the seller and provided us with the opportunity to bring the asset to market.”

The property is in the San Gabriel Valley submarket. In the fourth quarter of the year, the market saw vacancies of a mere 1.2%, according to Daum. Meanwhile, sales volume increased 41.6% and sale prices increased 26.1% over the third quarter.

“It would be essentially impossible to recreate this asset in such an unbeatable location, which is ideally situated for last-mile distribution, in close proximity to downtown L.A. and several population hubs,” Lara said in a statement. “We ultimately sold to an owner-user produce distributor.”