The building, which is 63,265 square feet, was built in 2017. It is fully leased to Golden Grove Trading Inc., which makes clothes and gifts.
“We are fortunate to add this well-located facility to our portfolio and to welcome Golden Grove Trading to our growing tenant roster,” Nancy Shultz, senior vice president of Duke Realty’s Southern California operations, said in a statement. “Land and space are extremely tight in Southern California — driving vacancy rates to all-time lows and fueling unprecedented rent growth. When we can add existing, yet modern, facilities to our portfolio, it’s always a win for us and our tenants.”
Demand for industrial real estate in the San Gabriel Valley is strong. The vacancy rate in the region’s industrial market was 1.4% during the third quarter, down from 3.6% the previous year, according to data from Jones Lang LaSalle Inc. Meanwhile, 3.1 million square feet of industrial product was sold or leased during the quarter, JLL reported.
“Demand is extremely high in the San Gabriel Valley submarket for up-to-date logistics space,” Isaac Lau, assistant vice president of acquisitions for Duke Realty, said in a statement. “The acquisition of this modern, well-appointed logistics facility is the perfect example of our strategy to accelerate our investment activity in in-fill submarkets. Rent growth at record levels in Southern California makes this a solid investment for our company and adds value for our stockholders.”
It isn’t the only recent industrial property to sell in Pomona.
Earlier this month, a business park on nearly 4 acres at 201 N. Palomares St. sold for $6.8 million. A local investor purchased the 66,032-square-foot property from an unnamed private investor.
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