In what will be the largest warehouse built in the San Gabriel Valley in the last three years, Seventh Street Development announced that it has begun construction on a new 1.5 million square-foot industrial park as part of the Mission 71 Business Park's third phase of development. In April 2012, Seventh Street purchased an additional 11.3 acre parcel from the US Government and has processed plans for development of a 245,000 square foot state-of-the-art warehouse and manufacturing building with 32 foot clear height, ESFR sprinkler system, 41 dock-high loading positions and signature signage on Mission Boulevard. Construction is expected to be completed by year-end.
"No new construction in the past three years has created a significant lack of product, making the San Gabriel Valley industrial market one of the tightest markets in the entire L.A. region," broker Lynn Knox of CBRE said. Kittrich Corp. – which also manufactures pens, highlighters and other school supplies – will make the new 240,000-square-foot building its headquarters when it relocates from La Mirada by the end of the year, according to a Los Angeles Times article.
"Demand is expected to outpace new supply in the San Gabriel Valley, especially for free-standing buildings like these that are offered for sale as well as lease," said Craig Furniss, principal at Seventh Street Development, in a statement. "There is a negligible amount of new class-A industrial space under construction in this market which makes the timing right to move forward with Phase III."
For more news and information visit Blumberg Capital Partners.
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