Cushman & Wakefield announced the firm has advised Stos Partners in the dispositional sale of a 182,275-square-foot Class A industrial distribution facility in Pomona (Los Angeles County), California. The property is 100% leased to a leading manufacturer and provider of innovative packaging and protective products.
Denver-headquartered EverWest Advisors, an institutional real estate investment management firm, acquired the San Gabriel Valley asset for $45.9 million.
Bryce Aberg, Jeff Chiate, Jeff Cole, Mike Adey, and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.
“This was an attractive investment opportunity to acquire a fully leased industrial property with a quality tenant providing stable cash flow. Furthermore, the ample 8.5-acre site is also rail served and provides easy freeway access also making it a great prospect for either renovation or redevelopment,” said Executive Vice Chairman Jeff Cole.
“Located in the San Gabriel Valley adjacent to the Inland Empire, the property is conveniently accessible and able to service the entire Greater Los Angeles/Southern California region as well as neighboring states like Nevada and Arizona all within a half-day’s drive,” added Vice Chairman Bryce Aberg.
Originally built in the 1950s and renovated in the 1970s, the 182,275-sf distribution facility at 159 San Antonio Ave features 7,200 sf of office, 18 dock and 12 grade level doors, clear heights ranging from 19’ to 21’, fenced yard, and is rail served.
The property is positioned near the Interstate 10 freeway, as well as SR 71, SR 60 and SR 57. It is also convenient to multiple airports and the Ports of Los Angeles and Long Beach.
According to Cushman & Wakefield’s latest Q2-2022 industrial market report, the San Gabriel Valley industrial market boasted a vacancy of sub 1%. The San Gabriel Valley submarket also accounted for the lion’s share of industrial leasing activity in Greater Los Angeles (which excludes the Inland Empire) in Q2 2022 with 1.2 msf or 25% of the market total.