Duke Realty Corp., an Indianapolis-based real estate investment company, has purchased a 25.5-acre lot at 13131 Los Angeles St. in Irwindale from a private seller for an undisclosed amount, downtown Los Angeles-based commercial real estate brokerage firm CBRE Group Inc. announced.
CBRE’s Darla Longo and Barbara Perrier along with Colliers International’s Andy White represented the seller.
CoStar Group Inc. lists Sharon Tedesco of Palos Verdes Estates as the previous true owner of the property.
The site is zoned for heavy industrial use and is located adjacent to the 605 freeway. It can fit a 500,000-square-foot warehouse should its new owner so desire, CBRE said.
“This is an extremely rare opportunity in the San Gabriel Valley,” Perrier said in a statement. “With limited supply of new larger buildings, ever-growing e-commerce activity and robust retail and industrial demand in this market, this is a one-of-a-kind opportunity for Duke Realty.”
The vacancy rate for industrial real estate in Los Angeles County during the second quarter of 2018 was 1.4 percent, according to data supplied by Jones Lang LaSalle Inc.
The average asking rent for industrial space in the county last quarter was 84 cents per square foot – an annual increase of 9.1 percent, JLL said.
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.
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