September 14, 2016
The AFL-CIO Building Investment Trust acquired a roughly 168,000-square-foot industrial building in City of Industry, CA from Newport Beach, CA-based CT Realty Partners for $29 million. The transaction ranks as one of the largest deals in the San Gabriel Valley this year, and was purchased at a 4.45% cap rate.
The newly-built asset is fully leased to Wayfair, a publicly traded e-commerce company, through October 2021.
CBRE’s Barbara Emmons and Darla Longo facilitated the sale. AFL-CIO was advised by PNC Realty Investors, Inc.
Emmons says, “The need for industrial space is greatly driven by the ever-increasing importance of e-commerce, especially in major logistical markets. Demand for these types of properties will only go up.”
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