CT REALTY ADDS ANOTHER CITY OF INDUSTRY PROPERTY TO INDUSTRIAL PORTFOLIO
CT Realty announced the acquisition of a 325,800-square-foot industrial building located at 16425 E. Gale Ave. in City of Industry, Calif. The property was acquired from W.P. Carey for $21.3 million.
The light manufacturing and distribution warehouse property is located on 14.7 acres near the 60 Freeway in the central district of the City of Industry. More than 233,200 square feet of the property is leased through June 2020 by Swatfame, Inc., a women’s fashion design and clothing manufacturer. The 92,595-square-foot remaining suite is being leased to an undisclosed tenant for five years. CT Realty hired Erik Larson, Chris Tolles and Robin Dodson of the downtown Los Angeles office of Cushman & Wakefield to handle leasing for the property.
The Gale building features a clear height of 24 feet with 368 parking spaces, 18 dock-high doors and 11 grade level doors. The property is one of the largest in the San Gabriel Valley submarket area of Los Angeles County, which currently has a two percent vacancy rate among all industrial properties. In addition to the 60 Freeway, the site provides direct access via the Interstate 605 and 10 freeway system to the Ports of Los Angeles and Long Beach, the largest combined seaport in the United States.
“Due to the lack of functional industrial product in the area, as well as increasingly robust demand from the owner-use community, the real estate fundamentals for this acquisition are extremely strong,” said Carter Ewing, managing partner of CT Realty. “In addition, land constraints in this part of Los Angeles County make new development extremely challenging and expensive, creating substantial upside opportunity for the investment.”
CT Realty represented itself in the Gale Avenue acquisition. The seller was represented by Erik Larson, Chris Tolles, John Minervini and Robin Dodson of Cushman & Wakefield’s downtown Los Angeles office.
The Gale building is CT Realty’s third City of Industry acquisition in the last 18 months, and the company has other development within the city in planning stages. CT is currently developing a 168,000-square-foot speculative warehouse/distribution building on Louden Lane which will be complete in January 2015.