A Texas developer has bought land in the Antelope Valley with plans to build a 100,000-square-foot warehouse.
Transwestern Investment Group, based in Houston, bought 4.6 acres in Palmdale, east of the 14 Freeway and south of Palmdale Regional Airport, the San Fernando Valley Business Journal reported. Financial terms of the deal and a property address were not disclosed.
It is partnering with Transwestern Development group, based at the same Houston address, to build the 99,840-square-foot industrial warehouse to serve the north Los Angeles County market. Plans for the Legacy Lane project call for a 32-foot clear height, 15 dock doors, offices and parking.
The site is less than 5 acres, which qualifies for a California Environmental Quality Act (CEQA) exemption.
“There is virtually no availability in the Greater Los Angeles area and the Inland Empire market is also nearing full occupancy,” Steve Batcheller, west regional partner for TDC, said in a statement. “The CEQA exemption limits the scope of entitlement requirements, which will enable us to bring this facility to market quickly.”
Construction is set to begin in March, with completion expected in early 2024.
Industrial vacancy in Greater Los Angeles was less than 1 percent in the first quarter, and even tighter in the Antelope Valley, said Mike McKenzie, director of acquisitions for TIG.
“This facility will satisfy the needs of an owner/user or tenant that wants the convenience of connectivity to Los Angeles,” he said in a statement, “but at a greater value than the fully occupied San Fernando and Santa Clarita Valley markets.”
Privately held Transwestern, a commercial real estate firm founded in 1978, is an umbrella for four Transwestern companies. Its investment group has $5.3 billion of assets under management. Its development group has a pipeline of projects since 2012 valued at $9 billion.
– Dana Bartholomew
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