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Industrial Demand Strong Across Sizes

SAN DIMAS, CA—The off-market sale of a 33,428-square-foot industrial facility shows that, whether the property is large or small, industrial demand is strong.

By Kelsi Maree Borland | Updated on April 23, 2015

SAN DIMAS, CA—An unnamed exchange buyer has purchased a 33,428-square-foot industrial facility from Argent LLC. The purchase price for the property was not disclosed, but sources unrelated to the deal say that the property traded hands for $153 per square foot at a 5% cap rate, showing that investors, and particularly exchange buyers, are scooping up industrial assets in every size range due to the supply constrain in the market. 

“The investment market is absolutely on fire. It is so strong because of lack of product that many buyers are forced to buy empty buildings,” Rick Sheckter, executive managing director at Newmark Grubb Knight Frank, tells GlobeSt.com. “In the San Gabriel Valley, the average building size is 30,000 square feet to 40,000 square feet, but there is demand for 5,000-square-foot buildings for exchange buyers.” Sheckter represented the seller in the transaction along with his NGKF partner Randy Lockhart. Michael Adams of Excelsior Partners represented the unnamed buyer.

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