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CITY OF INDUSTRY, CA-Lowe Enterprises Investors of Los Angeles has closed on its second industrial acquisition in the San Gabriel Valley in recent months, a 131,219-sf building at 14955 Salt Lake Ave. that it bought from Tulip Corp. The seller plans to lease back about 40% of the building as manufacturing space for its PHI division, and Lowe plans to market the remainder of the building to users requiring 14,000 sf to 24,000 sf of industrial space.

Lowe, which acquired the building on behalf of an investment client, plans a limited program of property renovations, says Brad Howe, managing director of Lowe Enterprises Investors. The building, which was constructed in 1979 as a build-to-suit for Tulip, features clear heights of 24 feet to 26 feet with 16 dock-high loading and two grade level access doors.

Lowe’s reconfiguring of the space for multitenant use will provide each tenant with dock-high loading. The renovations will include exterior upgrades such as painting, landscape, signage and improvements to tenant entries. Rob Sheckter and Ryan Campbell of Grubb & Ellis represented Lowe in the acquisition and will serve as leasing agents for the property.

Lowe is pursuing other industrial properties in the San Gabriel Valley, where the demand for industrial space continues to rise with little developable land available, says Rick Newman, president of Lowe Enterprises Real Estate Group-West. In July, Lowe Enterprises entered the San Gabriel Valley industrial market with its purchase of a 73,276-sf building in El Monte from Pentair.

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