23 Entitled Acres Trade Hands

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.