Cushman & Wakefield today announced that it represented buyer CT Realty Investors and seller W. P. Carey Inc. in the sale of a 325,800-square foot, multi-tenant industrial warehouse in the City of Industry, Calif.
The property, which is partially (71.5%) leased, was purchased by CT Realty Investors. It is located at 16425 E. Gale Avenue in the coveted San Gabriel Valley industrial market.
“The most important and influential portion of the San Gabriel Valley industrial real estate market is the City of Industry,” Cushman & Wakefield Associate Director Chris Tolles said. “This sale will be one of City of Industry’s most significant real estate transactions of 2014.”
W. P. Carey Managing Director Brooks Gordon added, "Part of our overall portfolio strategy is to recycle the capital from the sale of existing holdings into new net lease investments that meet our longer term investment criteria. The sale of the San Gabriel property represented this kind of opportunity and will allow us to continue to grow our portfolio with solid income-generating assets."
CT Realty and W. P. Carey were represented in the transaction by Chris Tolles, Executive Director John Minervini, Senior Director Erik Larson and Senior Director Robin Dodson of Cushman & Wakefield’s downtown Los Angeles office.