IDS Real Estate isn’t wasting any time this year.
The Los Angeles-based office landlord bought a 33-building business park in Walnut for $108.6 million, according to JLL, which brokered the sale.
Records show the 330,900-square-foot property, dubbed Walnut Business Park, was previously owned by entities linked to Vogel Properties, a local real estate developer that focuses on industrial space. Vogel Properties could not be reached for comment.
The buildings are leased to a range of automotive, logistics and electronics tenants, including MC Autoparts.
The complex is located in the San Gabriel Valley, near the City of Industry, where the industrial sector has seen tremendous growth in the last two years. Vacancy for warehouse and distribution space across the San Gabriel Valley dropped to 1.6 percent in the third quarter, according to JLL.
Though the buildings in Walnut are slated for office use, the tenants are part of the industrial sector. Office vacancy rates in the San Gabriel Valley are around 12.8 percent, according to Savills, compared to a 24.4 percent vacancy across Los Angeles County.
IDS Real Estate has been busy over the last few months, most recently picking up the headquarters of Amazon’s Ring subsidiary in Hawthorne for $65 million from Vella Group.
The firm manages around 27 million square feet of industrial, office and retail space across California and Washington. In Los Angeles, the firm developed C3 at Culver Pointe, a 282,951-square-foot seven-story vertical creative office campus leased to entertainment, marketing and tech firms.