Food distributor buys industrial development site in Industry

Sun Hing Foods will build its new regional office there

Los Angeles /
May.May 22, 2018 11:45 AM
Looking towards the development site from Chestnut Street

A 5.4-acre industrial development site in the City of Industry traded hands this month for $20.5 million.

San Francisco food wholesaler and distributor Sun Hing Foods purchased the site. Sun Hing plans to develop a new warehouse and office property there and will move its operations there from its existing regional office on Proctor Avenue in the City of Industry, according to a representative for the company.

The site is accessible via Curl Court, a cul-de-sac off Railroad Street near the intersection of S. Asuza Avenue.

The seller was Prudential Financial’s asset management arm PGIM, Inc. Sun Hung secured an $8.5 million mortgage and an additional $7.9 million in mezzanine debt from Downtown-based City National Bank for the investment. The sale comes to about $87 per square foot.

It’s unclear whether the new development will be larger than Sun Hing’s existing 394,000-square-foot warehouse on Proctor Avenue, which it bought in 2012 for $16.2 million and hasn’t yet sold.

The City of Industry is a winding 12-mile long municipality that snakes along Route 60. It is home to just 440 residents, but has numerous industrial properties.

In February, the Charles Dunn Company offloaded a 300,000-square-foot complex in the city for $51 million to Morgan Stanley Private Wealth Management.


Related Articles

arrow_forward_ios
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
Mariposa on 3rd
CGI Strategies secures $42M loan on Koreatown apartment complex
CGI Strategies secures $42M loan on Koreatown apartment complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...