Azusa, Calif. – November 30, 2022 – CBRE brokered the sale of Azusa Center, a two-building industrial property in Azusa, Calif., totaling 75,081 sq. ft. JAR Commercial Investments, LLC purchased the property from SENTRE – a vertically integrated real estate investment firm headquartered in San Diego – for $20.5 million.
CBRE’s Michael Longo, Barbara Perrier, Anthony DeLorenzo, Mark Shaffer, Darla Longo, Rebecca Perlmutter, Brett Hartzell, Joe Cesta, Paige Morgan, Eric Cox, Lynn Knox and Case Dahlen represented the seller in the transaction.
“The sale of Azusa Center is indicative of the strong investor demand for high-quality industrial real estate within the supply-constrained and low vacancy submarkets of Southern California,” said Michael Longo, Senior Vice President of CBRE. “With access to over 7.6 million people within 25 miles, this site represents a truly unique core investment opportunity.”
Azusa Center is located on a 3.67-acre lot at 301 and 411 N. Aerojet Ave. within the San Gabriel Valley. The property is near the I-210, I-10 and I-605 freeways, and 38 miles northeast of the Ports of Los Angeles and Long Beach. The two buildings feature 22’- 26’ ceiling heights, concrete tilt-up construction, an ESFR fire sprinkler system, three dock-high doors, and four ground-level doors. Azusa Center was fully leased at the time of the sale.
“Azusa Center reflects our long-term commitment to investing in well located, industrial product in Southern California. We’re pleased to have structured a sale leaseback at acquisition and then exited Azusa at an attractive valuation,” said Doug Arthur, President and CEO of SENTRE.
According to CBRE Research, Greater Los Angeles industrial asking rents rose to an all-time high of $1.54 per sq. ft. (per month) in Q3 2022 as demand continued to outweigh supply. Greater Los Angeles also posted 180,160 sq. ft. of net absorption and registered a vacancy rate below 1% for the fourth consecutive quarter.