Fully Leased LA County Industrial Park Sells for $109M
IDS Real Estate Group acquired the 330,946-square-foot complex
By Greg Cornfield January 5, 2022 4:05 pmreprints
The industrial machine of Southern California never stops.
Los Angeles-based real estate firm IDS Real Estate Group has acquired a fully leased, multi-tenant business park spanning 330,946 square feet in the eastern part of L.A. County for $108.6 million. Records show Vogel Properties owned the 33-building Walnut Business Park at 360 South Lemon Avenue in the community of Walnut in the San Gabriel Valley.
JLL (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.
The Greater L.A. industrial market remains one of the strongest in the world. With one of the lowest vacancy rates at 1.5 percent, rents are expected to remain elevated, per JLL research.
The San Gabriel Valley submarket includes almost 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 Realty recently announced it spent $68.1 million on three properties in San Gabriel Valley, in the nearby markets of Irwindale and the City of Industry.
Gregory Cornfield can be reached at email@example.com.