Cushman & Wakefield today announced the sale of two newly constructed industrial warehouses at the Don Julian Business Center in the City of Industry, Calif.
Cushman & Wakefield Executive Director John Minervini, Senior Directors Erik Larson and Robin Dodson, and Associate Director Chris Tolles of the company’s downtown Los Angeles office represented Overton Moore Properties (“OMP”) in the sale of the properties. Cushman & Wakefield also represented one of the two buyers.
“The Don Julian Business Center is a great example of one of the many reasons the City of Industry has grown into one of the strongest industrial submarkets in Southern California,” said Cushman & Wakefield Senior Director Erik Larson. “With significant pent-up user demand, a strategic location and convenient access to the Ports of Long Beach and Los Angeles, the City of Industry is a prime destination for companies looking for quality in-fill industrial product.”
The first property, a 40,548-square foot warehouse and distribution building, is located at 418 S. 9th Avenue. The second property (pictured) is a 38,995-square foot warehouse and distribution building, located at 428 S. 9th Avenue.
The warehouse at 418 S. 9th Avenue sold for $6 million ($147.97 per square foot) to Maxfield Seafood, which was represented by the Cushman & Wakefield brokerage team. The warehouse at 428 S. 9th Avenue sold for $6.188 million ($158.68 per square foot) to a private owner/user represented by Lorinda Chou of Re/Max Commercial 1000 Realty in Temple City, Calif.
"We are pleased to have developed two highly functional, state-of-the-art buildings and to have benefited from the pent-up demand from owner/users with limited supply," said Jason Hines, vice president of OMP. "We remain focused on acquiring existing buildings and land for new development in Southern California, Northern California and Phoenix.”
OMP speculatively developed the project, and both buildings were in escrow prior to completion of construction in June 2014. OMP acquired the land for the project in May 2012 from Henkel Corporation. OMP’s land acquisition included an existing 80,000-square foot building that was subsequently extensively renovated by OMP and sold to a user by Cushman & Wakefield in June 2013.
According to Cushman & Wakefield, at mid-year 2014, 417,077 square feet of industrial property is under construction in the City of Industry submarket of the San Gabriel Valley. Additionally, the San Gabriel Valley’s overall vacancy rate for the industrial market in the second quarter is 2.9%.