The Canyon City Business Center project spans 463,000 square feet (Credit: City of Azusa)
The Los Angeles industrial market remains strong, particularly in San Gabriel Valley, where one local investor has sold a development site slated for a massive warehouse.
Proficiency Capital unloaded the Canyon City Business Center at 1025 North Todd Avenue in the City of Azusa for $47 million, records show.
The warehouse project calls for seven buildings totaling 462,500 square feet. The development plan includes demolishing the 13,500 square-foot Colorama Wholesale Nursery facility on the site, a property that spans 23 acres.
The buyer is an LLC listed as Todd APG, according to records.
Southern California has seen a growing market for entitled properties as developers choose to skip the costly and lengthy approval process. The Azusa project is entitled; Proficiency Capital had submitted for plan review in February.
While the Canyon City Business Center is the largest development in Azusa’s pipeline, the list also includes Lagunitas Brewing Company. The beer company is building a 342,600 square-foot industrial site at 1021 Todd Avenue, which will include a 52,800-square-foot restaurant. Last year, Rexford Industrial Realty bought a 65,000 square-foot warehouse for $12 million in Irwindale about four miles south, at 4416 Azusa Canyon Road.
Last week, Colony Capital said it was buying a $1.2-billion portfolio of industrial properties spread across the country, including several in Southern California.
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