LOS ANGELES—CT Realty Investors has acquired a23-acre parcel of land in the San Gabriel Valley from a jointventure between Trammell Crow and affiliates ofWestport Capital Partners for $12.9 million. Theland is entitled for up to 380,000 square feet of development andis zoned for industrial, office,manufacturing or R&D.

CT Realty plans to build an industrial property on the site tosupply the high demand for industrial facilities in the San GabrielValley. The industrial market currently has a very limited supplyand extremely low vacancy rates that hover at 3.3%. According toErik Larson, a senior director at Cushman& Wakefield who represented both the buyer and theseller in the transaction, this is the second 20-plus-acre,industrial-zoned land site the firm has sold this year alone asdevelopers rush to enter the market and fill the swellingindustrial demand.

“There is very little land available in the San Gabriel Valleyfor commercial development,” Larson tells GlobeSt.com. “Barriers toentry for any new product in strong infill markets are extremelychallenging, so this entitled site was very attractive to CTRealty.”