Taiwanese Firm Buys Class-A Asset
A 55,880-square-foot, Class A industrial asset in the City of Industry has sold for an undisclosed price.
The property is located at 1020 Wallace Way. The freestanding building is situated on a 2.57-acre site and features 30-foot clear height, five dock-high loading positions, one ground-level door, and 91 parking spaces. It also has 800 amps of power, LED security lighting and related technology.
Daum Commercial Real Estate Services’ Executive Vice President Nathan Lara represented the buyer, Gigabyte Technology, in the sale. The company is a Taiwan-based computer hardware manufacturer. Lara said it was a rare purchase by a user on speculative development in the market.
“This acquisition was part of a strategic expansion for our client, a Taiwan-based global manufacturer and distributor of computer hardware,” Lara said in a statement. “Leveraging our experience and connections within this supply-constrained market, we were able to identify a prime location with plans for a class A building development and get our client comfortable with making an offer based on these plans.”
Lara noted that the in-demand Lower San Gabriel Valley submarket saw below 1% industrial vacancies in the second quarter.
“This property met critical location requirements for the buyer, providing frontage on a major street and convenient access to the 60 Freeway,” Lara said. “The building’s strategic location and class A amenities are positioned to provide great value for the owner-user and their growing business needs.”
Lara added that as investment dollars pour into the competitive industrial market in hubs throughout Southern California, it can be difficult for owner-users to secure Class A space.
“In the past year, there were only a handful of user sales on spec development…users seeking building ownership can still acquire within these regions, but must be willing to be creative, proactive, and move quickly,” he said.