Annapolis, Md. (March 24, 2022) – Realterm announces the acquisition of a 136,580-square-foot final mile warehouse located at 359 N. Covina Lane in La Puente, Calif. The facility sits on 9.2 acres and includes 5,000 square feet of office space, 23 dock-high doors and three grade-level doors.
“The greater Los Angeles region, considered one of the most highly sought-after high flow through markets in the country, has seen a dramatic increase in demand for industrial space over the last few years,” said Blair Duncan, Associate Vice President, Central Region Acquisitions, Realterm. “With high barriers to entry in the region and increased tenant demand, this asset is a strong addition to our portfolio.”
Ideally situated to service the greater Los Angeles and Inland Empire regions, 359 N. Covina Lane is strategically located with access to I-605, I-10, Route 60 and I-5 within 15 minutes. With immediate access to the region’s key highway network, the property can easily service more than 17 million people within 50 miles. Additionally, the property is 22 minutes from downtown Los Angeles, 30 minutes from Ontario International Airport and 35 minutes from both LAX International Airport and the Ports of Los Angeles and Long Beach.
“This transaction is another example of our strategy to acquire properties in top markets with excellent proximity to large populations that will enhance our portfolio and benefit end users,” said Stephen Panos, Senior Vice President and Fund Manager, Realterm. “This acquisition’s highly functional features coupled with its strong location and size appeal to a wide range of trucking and logistics operators and will ensure strong performance and future success.”
Highlights of the property include:
- Square feet: 136,580 SF
- Land area: 9.2 acres
- Loading positions: 26
- Access: I-605, I-10, Route 60 and I-5