The Southern California industrial machine never stops.
Los Angeles based real estate company IDS Real Estate Group acquired a fully leased 330,946 square foot multi-tenant business park in eastern LA County for $ 108.6 million. Records show Properties of Vogel owned the 33-building Walnut activity park at 360 South Lemon Avenue in the community of Walnut in the San Gabriel Valley.
JLL announced the deal and represented the seller, but was not immediately available for comment. Vogel Properties and IDS Real Estate did not immediately respond to requests for comment.
Greater LA’s industrial market remains one of the strongest in the world. With one of the lowest vacancy rates at 1.5%, rents are expected to remain high, for JLL Search.
The San Gabriel Valley submarket comprises nearly 152 million square feet of warehousing and industrial space, with 1.4 million square feet under construction after the third quarter of 2021. Rexford Industrial Real Estate recently announced spending $ 68.1 million on three properties in the San Gabriel Valley, in the nearby Irwindale and Industrial Town markets.
Gregory Cornfield can be reached at [email protected].