Cushman & Wakefield today announced that the company represented buyer, CT Realty Investors, and seller, a joint venture between Trammell Crow Company and certain affiliates of Westport Capital Partners LLC, in the sale of 23 acres of land entitled for up to 380,000 sq. ft. of development in the San Gabriel Valley.
The property is situated at Arrow Highway and Wheeler Avenue in La Verne, Calif., adjacent to San Polo Business Park, and its permitted uses include light industrial, light manufacturing, office and R&D.
CT Realty paid $12.9 million for the parcel, which was sold by a joint venture between Trammell Crow Company and certain affiliates of Westport Capital Partners LLC. Both the buyer and the seller were represented by the Cushman & Wakefield team of Executive Director John Minervini, Senior Director Erik Larson, Senior Director Robin Dodson and Associate Director Chris Tolles of the downtown Los Angeles office.
This is the second 20-plus acre site sold by the C&W team in 2014. “Surging industrial property demand continues to outpace supply, which has sent vacancy rates lower and rents higher,” said Cushman & Wakefield Senior Director Erik Larson. “This trend alone has really increased demand for quality in-fill industrial sites.”
The San Gabriel Valley has an overall vacancy rate of 3.3%, the lowest since 2008, according to Cushman & Wakefield’s Q1 2014 Greater Los Angeles Industrial Snapshot.