Don’t look now, but another industrial property has just traded in the San Gabriel Valley.
Duke Realty, a real estate investment trust, has purchased a 25.5-acre property in Irwindale for $62.5 million, The Real Deal has learned. The deal closed Aug. 28.
The seller was Sharon Tedesco of San Pietro Properties LLC, property records show. Tedesco has owned the property since 2002.
Located at 13131 Los Angeles Street, the industrial development site could fit up to a 500,000-square-foot warehouse.
Darla Longo Barbara Perrier of CBRE and Andy White of Colliers International brokered the deal.
Indianapolis-based Duke has been beefing up its presence in Southern California for some time. Last November, the firm acquired a 450,000-square-foot industrial building in the City of Industry and a 444,000-square-foot property in Fontana as part of a 10-property portfolio transaction, valued at $700 million.
The push into industrial started nearly seven years ago for Duke, when the REIT decided to sell off its office portfolio to focus on its industrial and medical assets instead.
Purchasing industrial properties in L.A. County has been increasingly tough for companies as a high demand for manufacturing facilities has outstripped supply. Some firms, such as Invesco Real Estate, have looked elsewhere as a result. Earlier this week, TRD reported that the firm spent $52.5 million to acquire a massive distribution center in the Inland Empire.