X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOS ANGELES-Dallas-based real estate giant Crow Family Holdings has paid $9 million for a 53-acre parcel in Irwindale to build the second phase of its planned 116-acre Irwindale Business Center.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.