Investor Dunleer has purchased a 64,100-square-foot industrial property in the San Gabriel Valley from its owner-occupant.
The Los Angeles-based firm paid McGuire Industries $10.6 million for the property, according to L.A. Biz. McGuire manufactures rakes.
The property sits on about 115,100 square feet at 9620-9642 Gidley Street in Temple City
Dunleer plans to renovate the Gidley Street property. Planned work includes upgrades to loading facilities, general cosmetic work, and security upgrades, including new fencing, gating, and lighting.
Dunleer’s CEO BJ Turner said that the property “has solid bones and is highly flexible, divisible, and can accommodate a range of distribution, manufacturing and warehouse storage needs, appealing to many potential tenants down the line,” according to L.A. Biz.
Dunleer specializes in multifamily and industrial properties. The firm invests in California, Arizona, Nevada, Utah, Idaho, and Texas.
The Inland Empire and Orange County accounted for more than 15 percent of U.S. industrial transactions by dollar volume over that period.
The San Gabriel Valley has become a hot industrial market, thanks in part to a shortage of available infill sites in L.A. County, as well as demand for logistics properties from tenants catering to Southern California’s large population.
About 10 miles away from Dunleer’s new property in West Covina, developer Greenlaw Partners is building a 177,240-square-foot logistics facility for Amazon. The developer agreed to pay several million dollars in upfront and reoccurring payments to break ground on the project.
[LA Biz] — Dennis Lynch