VALENCIA, CA-First Industrial Realty Trust of Chicago has acquired a 125,541-sf building at 27801 Avenue Scott for $10.5 million and is marketing the property as a prime location for light industrial and distribution users. The Chicago-based industrial REIT bought the property from a private family trust in a transaction brokered by Mike Randall, Bob Crenshaw and Jim Linn of Grubb & Ellis.
According to Ryan McClean, First Industrial's regional director in Los Angeles, the building "would serve as an excellent headquarters for a company engaged in light manufacturing and distribution due to its proximity to Interstate 5." The building is located in the Valencia Industrial Center, one of the region's largest industrial developments.
The new acquisition expands a First Industrial portfolio in Southern California that includes a growing number of properties in Los Angeles, the Inland Empire and San Diego County. The Chicago-based REIT's holdings include completed buildings as well as land for development.
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