The company sold its 36,125-sf former property to the Joseph Armagrande Trust in a 1031 exchange and acquired Irwindale buildings totaling 134,550 sf, according to Cushman & Wakefield brokers John Minervini, Robin Dodson and Erik Larson, who represented Esportia in the sale. Fillippo Fanara of The Bates Co. represented the buyer.
Says Minervini, "The San Gabriel Valley industrial market has remained resilient" despite the real estate slowdown. "Business owners are taking advantage of low interest rates to get themselves into buildings they can own instead of lease, and it's most evident in the San Gabriel Valley." He notes the seller had multiple offers on the Arcadia property.
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