An institutional investor acquired a 19-building light industrial park in San Dimas for $41 million.
SRS Real Estate Partners arranged the sale of San Dimas Commerce Center, a 179,345-square-foot property at 410-490 West Arrow Highway, the company said in a news release. SRS’ Dave Faris and Richard Schwartz represented the seller, an entity called San Dimas BP LLC, in the transaction. The national institutional investor that purchased the property has not been publicly disclosed.
The 10.5-acre property was 90 percent occupied at the time of sale and is divided into 19 individually parceled buildings, most smaller than 10,000 square feet. More than 70 local and regional businesses lease space at the center.
Faris said the property’s small-bay configuration and infill location made it a rare purchase opportunity, while its individual parcels give an owner the option to sell buildings separately to users down the road. SRS said it built its marketing strategy around that flexibility.
“San Dimas Commerce Center offers the type of infill small-bay industrial product institutional investors seek but seldom have the opportunity to acquire,” Faris said.
The San Gabriel Valley remains Greater Los Angeles’ most competitive industrial submarket. Industrial vacancy in the San Gabriel Valley was 3.1 percent in the second quarter, down from 3.5 percent the previous three-month period, according to Colliers’ most recent submarket report. Net absorption in the second quarter bounced back to 780,104 square feet from negative 613,290 square feet the prior quarter.
Limited new development of comparable small-bay properties has helped keep existing infill assets in demand. There is 910,000 square feet of industrial space currently under construction in the San Gabriel Valley, down from 948,000 square feet the previous quarter.
Last month, SRS, which is based in Dallas, announced the opening of its new office in Pasadena as a hub for Los Angeles County, Ventura County and the broader Southern California market.
— Chris Malone Méndez
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