Crow bought the land from LA-based CalMat Properties. The parcel is at the southwest corner of Arrow Highway and Irwindale Avenue. The San Gabriel Valley office of Grubb & Ellis represented both sides in the transaction.
Crow plans to use its new 53-acre parcel to build more speculative industrial space. It purchased the 63 acres for the first phase from CalMat last year and started construction of 1.2 million sf of spec space, much of which has already been leased.
The market for industrial property has heated up over the past two years, as the strong regional economy and rebounding import/export business have raised demand for manufacturing, warehouse and distribution facilities. A Grubb & Ellis broker says construction of the second phase will begin next year, but that the amount of space that will be built hasn't been finalized.
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