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Bridge Industrial picks up 8 acres in Vernon
Spread over six parcels in $30M deal with Dunn-Edwards
Bridge Industrial has bought eight acres of industrial real estate in Vernon, adding to its sizable portfolio in Southern California.
The Chicago-based firm bought six parcels for $30.4 million — about $3.8 million per acre, according to public property records filed with Los Angeles County. Bridge Industrial did not respond to a request for comment.
The land, located at 4885 East 52nd Place is currently home to 115,155 square feet of industrial buildings built between the 1950s and 60s.
Dunn-Edwards, a paint manufacturer, sold the properties and currently occupies the buildings onsite. It’s unclear whether the company leased the properties back or will vacate them. If Dunn-Edwards did give up occupancy of the real estate, Bridge Industrial could demolish and redevelop the properties.
Bridge Industrial is familiar with Vernon — the smallest city in California by population, located about five miles from Downtown L.A. Though the city touts itself as “exclusively industrial,” the city has recently launched an environmental review to build apartments and other nonindustrial projects across 840 acres.
In 2019, the company built a 117,400-square-foot project at 4224 District Boulevard, a building now occupied by Winix, which manufactures air purifiers.
About 377,600 square feet of industrial space is under development in Vernon — a microscopic number compared to the 78 million square feet that currently exists in the city. Demolition is often the only way developers can build new industrial space in the city.
The firm currently owns 10 developments in L.A. and the Inland Empire, from Rancho Cucamonga and Ontario to Torrance and Gardena.