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.