A four-building freestanding industrial park in City of Industry has sold for $30.8 million.
Daum Commercial Real Estate Services represented Newport Beach-based buyer Focus Real Estate and their joint venture equity partner, Long Wharf Capital.
The seller, a private investor, represented itself in the transaction.
The industrial park is located at 19501 E. Walnut Drive S., 1180 Wright Way, 1170 Wright Way and 19449 E. Walnut Dr. S.
The 95,745-square-foot industrial park is fully leased. It is a value-add opportunity with near-term lease expirations.
Daum’s Anthony Bergeman, Krishna Shegran, Michael Chase, Charles Johnson and Joseph Harmon collaborated with the buyer to identify the property.
“The transaction represents our capacity to leverage our extensive network to meet our clients’ needs. It is essential to leave no stone unturned in exceeding investor expectations, especially in a highly competitive market,” Bergeman said.
Demand for warehouse space in Los Angeles County remains strong as rents continue to rise and developers complete new projects. According to Daum data, asking industrial rental rates in the San Gabriel Valley market where City of Industry is located increased by 2.0% in the third quarter from the previous quarter to a record high of $1.51 per square foot.
“With investor interest in industrial assets in this submarket so robust, sales prices have risen 5% and sales volume increased by 8.8% in the third quarter, requiring deep resourcefulness to satisfy buyer demand for well-located assets,” Bergeman said.
“Industrial investors and users are extremely interested in properties in this market, as City of Industry is composed almost entirely of industrial assets and serves as an economic hub for the San Gabriel Valley,” he added.
