LOS ANGELES—CT Realty has purchased a325,800-square-foot industrial building for $21.3million from W.P. Carey. The property is locatedat 16425 E. Gale Ave. in the City of Industry, CA, a prime LosAngeles infill market.

“Due to the lack of functional industrial product in the area,as well as increasingly robust demand from the owner-use community,the real estate fundamentals for this acquisition are extremelystrong,” says Carter Ewing, managing partner of CTRealty. “In addition, land constraints in this part of Los AngelesCounty make new development extremely challenging and expensive,creating substantial upside opportunity for the investment.” CTRealty declined to provide further comment on the transaction forthis story.

Set on 14.7 acres near the 60, 605 and 10 freeways, the propertyis 100% leased to two tenants. The larger tenant, women's clothingmanufacturer Swatfame Inc., leases 233,200 squarefeet of space, and is locked in through June 2020. The secondunnamed tenant has a lease for 92,595 square feet of space for thenext five years. Cushman & Wakefield'sErik Larson, Chris Tolles andRobin Dodson of the downtown Los Angeles officewill handle leasing efforts for the property. This Cushman teamalong with John Minervini represented CT Realty inthe acquisition transaction as well.