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

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

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
Continuum CEO Mark Falcone and a rendering of the project (EYRC Architects via Urbanize)

Continuum Partners, Platinum Equities plan Arts District office tower

Continuum Partners, Platinum Equities plan Arts District office tower
Rendering of 577-unit District Square project in South L.A. (Los Angeles Department of City Planning, iStock)

Judge orders LA to reconsider Charles Co.’s District Square project

Judge orders LA to reconsider Charles Co.’s District Square project
Forme Development President Damon Chan and rendering of 550 Shatto Place (Forme, Gensler via Urbanize)

Going up: Koreatown tower project developers boost plans

Going up: Koreatown tower project developers boost plans
Herb Wesson (top) and Curren Price with a rendering of 3800 W 6th Street (Linkedin, Twitter, Large Arch)

LA officials backtrack on aid for Koreatown hotel project

LA officials backtrack on aid for Koreatown hotel project
Richard Llewellyn and Ron Galperin (City of LA, Wikimedia)

LA’s ballooning budget shortfall could require property selloff

LA’s ballooning budget shortfall could require property selloff
California Gov. Gavin Newsom (Credit: Justin Sullivan/Getty Images)

Newsom signs into law slate of tenant protection and housing measures

Newsom signs into law slate of tenant protection and housing measures
Golden Springs Business Center

Logistics firm inks big lease in Santa Fe Springs as industrial demand remains high

Logistics firm inks big lease in Santa Fe Springs as industrial demand remains high
Heather Crossner and the site (Credit: Google Maps)

Bridge Development plans distribution center outside Torrance

Bridge Development plans distribution center outside Torrance
arrow_forward_ios

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

Loading...