For the first time in eight years, the San Gabriel Valley has a new infill industrial space, developed by Los Angeles-based Magellan Group.
The real estate firm completed Magellan Gateway this year, a 501-270-square-foot industrial complex in El Monte with five buildings, three of which have were sold off in August, according to GlobeSt and property records. The buyers are Jans Investment and Management, Gill Corporation and Dream Home Temple City Boulevard.
Magellan is in negotiations to sell the two remaining buildings, according to co-founder Kevin Staley.
The $55 million project, located between 4181 and 4189 Temple City Boulevard, features 30-foot clear heights, LEED certification, grade-level loading, truck courts and finished ground floor offices.
Magellan hired a feng shui expert for the office and entryway designs, Staley told GlobeSt.
“The location of the property in the city of El Monte and its proximity to a strong and diverse population base were likely key factors [in generating interesting among buyers],” he said. “The diversity of our building sizes also helped us to broaden our appeal to different sizes and types of companies.”
Magellan has another project that will break ground in Baldwin Park within two months. [GlobeSt] — Cathaleen Chen