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CITY OF INDUSTRY, CA-Developer Snyder Langston Operon Group has sold six newly completed industrial buildings, totaling 218,926 sf, at its Imperial Business Park to six separate buyers.

The buyers are primarily owner-users in a variety of businesses, according to Barbara Emmons in the Glendale office of CB Richard Ellis Inc., one of four brokers who represented Snyder Langston in the sales. The others on the team were Darla Longo of the Ontario office of CB Richard Ellis, along with Tom Taylor and Steve Bellitti, both in the Diamond Bar office of Colliers Seeley.

Imperial Business Park is situated off Valley Boulevard next to the 60 and 57 freeways. The six buildings are concrete tilt-up construction that range from 22,298 sf to 66,281 sf. Terms of the individual sales were not disclosed, but the brokers say the deals closed at prices from $70 per sf to $84 per sf and an average of about $76 per sf.

Emmons, who has been part of brokerage teams in several hundred million dollars’ worth of industrial sales that closed in recent weeks, says the Imperial Business Park buildings appealed to the buyers as “new, functional buildings in a business park environment.” The buyers have yet to move into the buildings because they are awaiting certificates of occupancy, she tells GlobeSt.com. It is expected the certificates will come through in the next week or so.

The buyers basically are local businesses that are either expanding or looking for more modern space. “There are a ton of buyers and there is pent-up demand for good, small, functional buildings,” Emmons says. Many buyers are Asian business owners, who have long been investors in industrial real estate in the San Gabriel Valley, which has a large Asian population. Long before interest rates dropped to the current level, a large percentage of Asian business operators customarily preferred to own rather than lease, if possible.

Besides the CB Richard Ellis and Colliers Seeley brokers who represented the Irvine-based seller, the six buyers had brokers. The buyers’ reps were Steve Coulter and Tony Phu of Colliers Seeley, Eddie Lee of CB Richard Ellis on two of the sales, Marie Cheng of MGR Services Inc. and Frank Hwang of CalMax Realty.

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