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CITY OF INDUSTRY, CA-P.I. Properties of Arcadia has purchased the 150,032-sf Industry Hill Business Park from Amar Equities LLC of Irvine for nearly $10.3 million. That sale along with a $2 million land sale here has set the stage for another industrial development, according to Sperry Van Ness and Grubb & Ellis.Cheryl Pestor and Kanna Sunkara of Sperry Van Ness in Pasadena report that the buyer of the industrial park had sought a quality property in an ideal location as the upleg of a 1031 exchange. The Industry Hill Business Park is a combination industrial and retail property at 15940-15956 Amar Road. Pestor and Sunkara represented the buyer, withFrank Kosi of Sperry Van Ness in Irvine representing the seller. The business park was built in 1980 and features seven multi-tenant buildings with 102,167 sf of industrial space and 47,865 sf of retail space. The property is 92% leased to 68 tenants with no tenant occupying more than 6% of the park. In the land sale, Larry Kliger of Grubb & Ellis’ San Gabriel Valley office reports that Carmex Industrial Properties LLC of purchased four acres at 660 Sixth Ave. and plans to build two industrial buildings totaling 78,896 sf on the site. Kliger represented the buyer and the seller, J.S. Real Estate Properties of Gardena, and will also be marketing the two buildings for Carmex. Carmex plans to break ground on the two buildings in the latter half of the year. The estimated completion date is the second quarter of 2005. Both buildings will be marketed for sale. One building will be 36,744 sf, the other 42,152 sf.

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