Westcore Properties has acquired a 4.37-acre industrial property at 555 West Danlee in Azusa, California for $8.775 million. The seven buildings on site total 47,000 square feet.
“We are excited about this investment, as it is a well-located, central in-fill site in a land-constrained, 1.4-percent-vacant industrial market,” said Mike Metzger, director of acquisitions at Westcore. “The property has strong leasing prospects in its current condition and offers an option for future development.”
The site is 100 percent concrete paved and includes multiple ingress/egress points as well as proximity to the Foothill (210) Freeway and the San Gabriel River (605) Freeway. The seller was Heppner Hardwoods, Inc., a specialty lumber wholesaler that developed the site for its own use in 1984.
According to Colliers International’s 2018 Q4 San Gabriel Valley Industrial Research & Forecast Report, The San Gabriel Valley Market has an industrial base of 159.7 million square feet. The report also states that “The San Gabriel Valley remains one of the few industrial markets in Los Angeles County with prospects of future construction activity,” and goes on to note, “Rents in the San Gabriel Valley market remain at an all-time high.”
Scott Heaton and Riley Heaton of Colliers International represented the seller in the transaction, while Westcore represented itself.
“The Heppner Hardwoods site purchased by Westcore is perfectly suited for redevelopment of Class A industrial product, which could bring to the market one or two highly sought-after, new industrial buildings,” said Scott Heaton.
About Westcore Properties
Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $5 billion in industrial and office assets, comprised of more than 1200 buildings and totaling over 50 million square feet. In 2018, National Real Estate Investor ranked Westcore properties as one of the Top 50 owners of industrial real estate globally. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in Los Angeles; Oakland; and Sacramento, as well as satellite offices in London, England; Berlin, Germany; and Vienna, Austria.