LOS ANGELES—CT Realty Investors has acquired a 23-acre parcel of land in the San Gabriel Valley from a joint venture between Trammell Crow and affiliates of Westport Capital Partners for $12.9 million. The land is entitled for up to 380,000 square feet of development and is zoned for industrial, office, manufacturing or R&D.
CT Realty plans to build an industrial property on the site to supply the high demand for industrial facilities in the San Gabriel Valley. The industrial market currently has a very limited supply and extremely low vacancy rates that hover at 3.3%. According to Erik Larson, a senior director at Cushman & Wakefield who represented both the buyer and the seller in the transaction, this is the second 20-plus-acre, industrial-zoned land site the firm has sold this year alone as developers rush to enter the market and fill the swelling industrial demand.
“There is very little land available in the San Gabriel Valley for commercial development,” Larson tells GlobeSt.com. “Barriers to entry for any new product in strong infill markets are extremely challenging, so this entitled site was very attractive to CT Realty.”
Along with Larson, Cushman & Wakefield’s team of John Minervini, executive director, Robin Dodson, senior director, and Chris Tolles, associate director, represented both parties in the transaction.
Industrial demand is high throughout the Southern California market, not only in the San Gabriel Valley, and developers are scooping up any remaining developable land. Earlier this week, for instance, GlobeSt.com reported that Overton Moore Properties purchased an 18-acre industrial site in Pomona. The site is entitled for a 240,000-square-foot industrial facility, which OMP is building for Graybar Electric.