Shovel-ready industrial site in San Gabriel Valley sells for $47M

Proficiency Capital sold the property, which it is entitled for 463K sf warehouse

TRD LOS ANGELES /
Mar.March 13, 2019 01:00 PM
The Canyon City Business Center project spans 463,000 square feet (Credit: City of Azusa)

The Los Angeles industrial market remains strong, particularly in San Gabriel Valley, where one local investor has sold a development site slated for a massive warehouse.

Proficiency Capital unloaded the Canyon City Business Center at 1025 North Todd Avenue in the City of Azusa for $47 million, records show.

The warehouse project calls for seven buildings totaling 462,500 square feet. The development plan includes demolishing the 13,500 square-foot Colorama Wholesale Nursery facility on the site, a property that spans 23 acres.

The buyer is an LLC listed as Todd APG, according to records.

Southern California has seen a growing market for entitled properties as developers choose to skip the costly and lengthy approval process. The Azusa project is entitled; Proficiency Capital had submitted for plan review in February.

While the Canyon City Business Center is the largest development in Azusa’s pipeline, the list also includes Lagunitas Brewing Company. The beer company is building a 342,600 square-foot industrial site at 1021 Todd Avenue, which will include a 52,800-square-foot restaurant. Last year, Rexford Industrial Realty bought a 65,000 square-foot warehouse for $12 million in Irwindale about four miles south, at 4416 Azusa Canyon Road.

Last week, Colony Capital said it was buying a $1.2-billion portfolio of industrial properties spread across the country, including several in Southern California.


Related Articles

arrow_forward_ios
6277 E. Slauson Avenue, and from left: Prologis CEO Hamid Moghadam and Rexford Industrial co-CEOs Howard Schwimmer and Michael Frankel (Credit: Google Maps)

Rexford buys industrial property from Prologis for $41M

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

NAI Capital Vice President of Research, Marketing, and Communications J.C. Casillas and the Port of Los Angeles (Credit: iStock)

LA’s industrial market may be at max capacity

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Transwestern CEO Carleton Riser and the Inland Empire property

Inland Empire’s industrial reign continues as Transwestern buys massive Eastvale warehouse site

Terreno Realty Chairman & CEO W. Blake Baird

Terreno Realty makes another industrial play in LA

Benedict Canyon Equities co-founding principal Jim Rosten and CEO Ryan Somers with Sagewood Gardens

Benedict Canyon Equities unloads 162-unit Hacienda Heights complex

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development

arrow_forward_ios