AZUSA, CA.— Looking to provide much needed supply in a thriving San Gabriel Valley industrial market, Xebec Realty Partners has announced they will develop a new industrial business park encompassing approximately 330,000 square feet located at 1001 N. Todd Ave. in Azusa, Calif. in the heart of the San Gabriel Valley region of Los Angeles County. Construction on the $33 million 10th Street Center will commence in the fourth quarter of 2013 with completion planned for the fourth quarter of 2014. This development follows Xebec’s February 2013 purchase of 531 acres in South Dallas, Texas in a joint venture with CT Realty.
10th Street Center is ideally located near seven major freeways which provides convenient access to three major transportation portals: Ports of Los Angeles and Long Beach, Los Angeles International Airport (LAX), and the Intermodal Rail Yards of BNSF and Union Pacific. The state-of-the-art Class A project will feature optimal dock doors, ceiling clearance, ESFR sprinklers and other premium amenities.
"10thStreet Center will provide an efficient solution to firms looking for distribution, manufacturing and/or warehousing with unparalleled access to the LA Basin," said Randy Kendrick, Founder and Chief Executive Officer at Xebec Realty Partners. "The San Gabriel Valley location offers premier skilled labor as well as numerous housing options, providing the perfect combination of demand drivers for the project."
"The San Gabriel Valley industrial market remains one of the most vibrant in Los Angeles County with second quarter 2013 leasing and sales activity of 2.6 million square feet and vacancy of 5.1 percent," said Page. 2012 was an active year with10.6 million square feet of leasing activity, up 36 percent from 2011, and 2.8 million square feet of positive net absorption.
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About Xebec Realty Partners
Xebec Realty Partners is a private, vertically integrated real estate firm that focuses on the acquisition, development and management of warehouse and logistics facilities located in top tier markets in the western U.S with major port and intermodal infrastructure. Since its inception in 1996, Xebec has developed over 7 million square feet of space in 56 projects with 11 million square feet currently under development. The firm's principals provide long term and stable management with more than 60 years of combined experience in acquisition, development, finance and asset management. For further information, please visit www.xebecrealty.com.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.