CITY OF INDUSTRY—AEW Capital Management has sold nearly five acres of industrial land in the City of Industry to Great Dragon LLC, a shoe distributor. According to Cushman & Wakefield senior director Erik Larson, who represented the seller in the transaction, the sale shows the increasing demand for industrial land in this submarket, where industrial land values have risen by 50% in the past 12 months.

“Over the last year or 18 months, there has been so much pent up demand for new construction that land sites have just been gobbled up,” Larson tells GlobeSt.com. “You have a lot of Asian import companies located in the San Gabriel Valley, and they often prefer new construction, but in order to get new construction, you need land to build. So, it seems like whenever a new site comes on the market, it is the next highest comp.”

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