AZUSA, CA-Looking to provide much industrial space in a thriving San Gabriel Valley, Xebec Realty Partners has disclosed plans to develop a new industrial business park encompassing approximately 330,000 square feet in Azusa. Construction on the $33 million 10th Street Center is expected to start in the fourth quarter, with completion slated for the fourth quarter of 2014. This development follows Xebec’s February 2013 purchase of 531 acres in South Dallas, Texas in a joint venture with CT Realty.
The10th Street Center is ideally located near seven major freeways which provides convenient access to three major transportation portals: Ports of Los Angeles and Long Beach, Los Angeles International Airport, and the Intermodal Rail Yards of BNSF and Union Pacific. The state-of-the-art class A project will feature optimal dock doors, ceiling clearance, ESFR sprinklers and other premium amenities.
“10th Street Center will provide an efficient solution to firms looking for distribution, manufacturing and/or warehousing with unparalleled access to the LA Basin,” said Randy Kendrick, founder and CEO of Xebec Realty Partners. “The San Gabriel Valley location offers premier skilled labor as well as numerous housing options, providing the perfect combination of demand drivers for the project.”
Leading the leasing efforts for 10th Street Center are Jones Lang LaSalle Los Angeles team members Peter McWilliams, Paul Sablock and Nicole Page.
“The San Gabriel Valley industrial market remains one of the most vibrant in Los Angeles County with second quarter 2013 leasing and sales activity of 2.6 million square feet and vacancy of 5.1%,” said Page. 2012 was an active year with10.6 million square feet of leasing activity, up 36% from 2011, and 2.8 million square feet of positive net absorption.
Xebec Realty Partners is a private, vertically integrated real estate firm that focuses on the acquisition, development and management of warehouse and logistics facilities located in top tier markets in the western U.S with major port and intermodal infrastructure. Since its inception in 1996, Xebec has developed over 7 million square feet of space in 56 projects with 11 million square feet currently under development.