Trending

Shoe firm buys 270K sf warehouse in San Gabriel Valley for $100M

Pleaser USA picks up new Walnut warehouse for corporate HQ

Pleaser USA's Ben Hsu; CapRock Partners' Gerald Pharris, Jon Pharris and Patrick Daniels; 4200 West Valley Boulevard (Getty, Looopnet, linkedin, CapRock Partners)
Pleaser USA's Ben Hsu; CapRock Partners' Gerald Pharris, Jon Pharris and Patrick Daniels; 4200 West Valley Boulevard (Getty, Looopnet, linkedin, CapRock Partners)

Key Points

AI Generated.

 

  • Pleaser USA, a shoe company, purchased a 269,800-square-foot warehouse in Walnut, San Gabriel Valley for $99.9 million from CapRock Partners.
  • The deal was brokered by Stream Realty Partners and Colliers, and was one of the largest purchases by a tenant user in Los Angeles County in recent years.
  • The warehouse contains 14 docks and a two-story section with 10,000 square feet of offices.
  • Industrial vacancy in the San Gabriel Valley rose to 5.8 percent in the fourth quarter, but the market remains strong with high demand and low vacancy.

Shoe company Pleaser USA has bought a new, 269,800-square-foot warehouse in Walnut for $99.9 million for its corporate headquarters and business operations.

An affiliate of the Brea-based firm bought the West Valley Logistics Center at 4200 West Valley Boulevard, in the San Gabriel Valley, Commercial Observer and the Los Angeles Business Journal reported.

The seller was developer CapRock Partners, based in Newport Beach, which completed the building in December. 

The deal works out to $370 per square foot. Brokers Matt Moore, Wes Hunnicutt and Michael Torres of Stream Realty Partners represented CapRock Partners in the deal. Mike Hartel and Nick Velasquez of Colliers represented the buyer.

It was among the largest purchases by a tenant user in Los Angeles County over the last couple of years, brokers said. 

“While the leasing market in east San Gabriel Valley remains sluggish, we are witnessing increased demand from owner-occupiers for quality building acquisitions,” Hunnicutt said in a statement to CO. “West Valley Logistics represents a Class A building in a prime location that will be very difficult to duplicate in the future with increased building regulations.”

In October, Gov. Gavin Newsom signed Assembly Bill 98, which regulates warehouse construction across the region. It came as a response to an Inland Empire warehouse boom of buildings of up to 1 million square feet, with trucks that bring pollution, traffic and noise to local neighborhoods.

Sign Up for the undefined Newsletter

The Walnut warehouse, designed by Newport Beach-based Douglas Franz Architects, contains 14 docks and a two-story section with 10,000 square feet of offices.

CapRock bought the 12.5-acre site in 2020 for an undisclosed price.

“This is a brand new, Class A industrial building that we developed with the intention to lease the property, but we were able to execute a successful sale to an owner-user,” Taylor Arnett, senior vice president of acquisitions at CapRock Partners, told the Business Journal. “It was a large owner-user transaction and that’s pretty unique.”

Industrial vacancy in the San Gabriel Valley rose to 5.8 percent in the fourth quarter, up from 3.9 a year earlier, according to JLL. The asking rent was $1.46 a square foot, 3 cents below the county average.

About 3 million square feet of industrial warehouses or manufacturing buildings were sold or leased, up from 2.6 million square feet a year earlier. But the vacancy rate is still historically low, while asking rents are high.

Dana Bartholomew

Read more

Newsom Signs Warehouse bill, provoking industry response
Commercial
Los Angeles
Newsom signs warehouse bill, provoking industry response
CapRock picks up 319K sf, newly build industrial park in Chandler for $46M
Commercial
Phoenix
CapRock pays $46M for newly built industrial park in Chandler
CapRock Partners' Patrick Daniels Daniels, Jon Pharris and Gerald Pharris with 8226 Whittier Boulevard
Development
Los Angeles
CapRock buys 3-acre industrial site in Pico Rivera for redevelopment
Recommended For You