Dedeaux Properties, a Commerce-based industrial real estate firm, sold its new industrial business park to a variety of local owner-users for $50 million, The Real Deal has learned.
The City of Industry campus includes seven buildings ranging from 27,500 – 43,200 square feet, which are located at 801 – 821 Echelon Ct. That’s smaller than most industrial buildings in the area, which typically span over 100,000 square feet.
Each two-story building also features dock-high and ground-level loading, as well as an open office design. Construction was completed earlier this year.
Brett Dedeaux, principal at the family-run firm, said there’s been “pent-up demand” for modern facilities with amenities. That, coupled with low-supply, provided for “strong interest” in the property.
Dennis Sandoval, Bob Dipre, Bryan Sandoval and Kurt Yacko at DAUM Commercial had the listing. CoStar first reported the news.
The industrial market in L.A. remains one of the hottest, with vacancy rates for newer industrial spaces at 1.1 percent, according to a market report published in July. That’s driven up sales prices for some of the older product on the market, causing some firms to look elsewhere, like the Inland Empire.
The City of Industry is a winding 12-mile long municipality that is home to just 440 residents, but has numerous industrial properties.
Some of the city’s big recent trades include the $20.5 million sale of a 5.4-acre vacant industrial development site to a San Francisco-based food wholesaler, and Charles Dunn Co.’s $51 million sale of a 300,000-square-foot industrial building in February.