CITY OF INDUSTRY, CA—CT Realty Investors has purchased a 7.7-acre in-fill redevelopment site in City of Industry, Calif. McConnell Cabinets Inc. sold the property for $6.2 million. CT Realty plans to build a 168,000-sq.-ft., class-A warehouse/distribution building on the site.
“This acquisition represents an exceptional opportunity to develop a Class A warehouse/distribution building in a submarket that has a short supply of Class A product. A number of challenging entitlement and development issues were resolved over the past twelve months, thus allowing CT the opportunity to move forward with construction,” said Carter Ewing, managing partner and head of acquisitions for CT Realty.
Located at 13110 Louden Ln., the property currently contains a 121,000-sq.-ft. vacant manufacturing facility. That building will be razed in order to build the new warehouse. C.E.G. Construction Co. of Pico Rivera, Calif., has been tapped as general contractor for the project. Construction is slated to begin in September with scheduled completion in the second quarter of 2014.
Denis Keane with Voit Real Estate Services represented CT, while Barbara Emmons and Cameron Merrill of CBRE represented the seller.