Footwear Tenant Buys New SoCal Warehouse for $100M
By Greg Cornfield February 3, 2025 4:05 pm
reprints
A footwear company acquired a new industrial building in Southern California’s San Gabriel Valley for its corporate headquarters in the latest example of warehouse users making deals to own their facilities.
CapRock Partners sold the 269,780-square-foot Class A distribution building on 12.5 acres at 4200 Valley Boulevard in Walnut, Calif., for $99.9 million, records show. An entity that shares an address with footwear company Pleaser USA acquired the development, named West Valley Logistics, that was completed in December 2024.
Stream Realty Partners’ Matt Moore, Wes Hunnicutt and Michael Torres represented CapRock Partners on the deal, and said the transaction was one of the largest purchases by a tenant user in Los Angeles County in the last two years.
“While the leasing market in east San Gabriel Valley remains sluggish, we are witnessing increased demand from owner-occupiers for quality building acquisitions,” Hunnicutt said in a statement. “West Valley Logistics represents a Class A building in a prime location that will be very difficult to duplicate in the future with increased building regulations.”
The development, including 10,000 square feet of office space, was designed by Douglas Franz Architects and constructed by Fulcrum Construction.
“In 2024, we observed a resurgence of the owner-user buyer profile in Southern California’s industrial real estate market as companies began acquiring premium facilities that support their business operations,” CapRock’s Taylor Arnett said.
Mike Hartel and Nick Velasquez of Colliers (CIGI) represented the buyer.
Including its pipeline, CapRock’s portfolio totals 19 million square feet of industrial space.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
