West Harbor Capital Sells SoCal Industrial Building for $38M
Envelope manufacturer Cenevo signed for the entire 185K SF property
By Nick Trombola April 1, 2025 2:05 pm
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What did the envelope say to the stamp? Stick with me and you’ll go places.
Redondo Beach-based West Harbor Capital has sold a 184,778-square-foot stand-alone manufacturing and distribution building in California’s City of Industry to Safco Capital Corporation for $38 million. The property at 705 Baldwin Park Boulevard is less than a mile south of Interstate 10 and one mile east of I-605, and is fully leased to Cenveo, the nation’s largest envelope manufacturer.
CBRE (CBRE)’s Barbara Perrier and Eric Cox, as well as JLL (JLL)’s Paul Sablock, represented the seller. It wasn’t immediately clear who represented Safco in the deal.
“705 Baldwin is a great infill asset at an attractive basis with a significant mark-to-market opportunity in the future,” Cox said in a statement.
While industrial vacancy has risen in recent years in many Southern California markets, including in the San Gabriel Valley, where the City of Industry is located, investment activity remains robust. That includes tenant-users making moves for their own spaces rather than relying on landlords.
Take, for example, footwear brand Pleaser USA’s $100 million deal in February for a roughly 270,000-square-foot headquarters and distribution center in Walnut, Calif., less than seven miles east of City of Industry.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
