CBRE announced the sale of Arrow Highway Business Park in Irwindale, Calif. to Rexford Industrial for $48.5 million. The property consists of four new Class A industrial buildings totaling 134,542 square feet.
CBRE National Partners’ Barbara Perrier and Joe Cesta represented the seller, SGV Arrow Industrial Park, LLC. Jason Chao, Lynn Knox, Cannon Chang, and Case Dahlen served as local market advisors on the deal.
“Arrow Highway Business Park presents a compelling investment opportunity, featuring buildings that align perfectly with the current leasing demand in one of the nation’s strongest industrial markets,” said Ms. Perrier. “Despite the broader challenges faced by the Greater Los Angeles industrial sector, demand for buildings that can accommodate light industrial in the San Gabriel Valley is strong.”
Arrow Highway Business Park is located at 16203 - 16233 Arrow Highway and has proximity to I-210, I-10, and I-605. The infill site provides access to over 11 million people within 30 miles and is located less than 37 miles from the San Pedro Bay Port Complex. The supply-constrained San Gabriel Valley has recorded 25% average annual industrial rent growth since 2012 and posted an extremely low 1.3% vacancy rate in Q1 2024, according to CBRE research.
The four buildings feature 30’ clearance, ESFR sprinklers, 15 dock-high doors, four grade-level doors and fully secured truck courts in three of the buildings. The property is 100% leased to four high quality tenants.
