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LOS ANGELES-A Walnut industrial park has been sold to an Irvine-based investment group for $5.4 million.

The complex, known as Brea Canyon Business Park, is located at 565 Brea Canyon Blvd. A multi-tenant property, it encompasses 79,875 sf. The three-building complex was 97% leased at the time of sale.

The buyer, California Industrial Properties, was represented by John Hollingsworth and Peter Lee of Grubb & Ellis’ San Gabriel Valley. The seller, Stamford, CT-based GE Capital, was represented by Peter Beauchamp of Voit Commercial Brokerage.

Industrial properties continue to be a favorite among investors, as the scarcity of buildable lots and the high demand for space among industrial users has pushed occupancy levels up. As investors scramble to scoop up available properties, developers are jumping to bring new industrial projects online.

A 240-acre industrial development is underway in Santa Clarita, as reported last week by GlobeSt.com. The complex, known as Centre Pointe Business Park, has been approved for three million sf of industrial space. It is being touted as the largest new business park to be developed in Los Angeles County in the last five years. Phase I of the project is slated for completion by the first quarter of 2002.

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