Los Angeles, CA, May 13, 2022 – Dunleer, a Los Angeles-based private real estate investment and development firm, today announced it has acquired a 31,688-square-foot (sf) fully vacant industrial building located at 1165 E Edna Place in Covina, CA (in the heart of the San Gabriel Valley submarket of Los Angeles County). Dunleer paid $5.41 million ($170 per square foot) for the asset.
“With Los Angeles County’s industrial vacancy rate currently below 1.5%, vacant buildings ready for immediate move-in are almost non-existent,” said BJ Turner, Founder of Dunleer. “We are now embarking on a major renovation that will enhance the asset, both functionally and cosmetically. We anticipate our value-add enhancements will include new gating, lighting, fencing, paving, striping, painting, bathrooms, offices, grade-level doors and more. Upon completion of the renovation, we will bring the property to market for lease and look forward to welcoming a new tenant.”
Built in 1962 and situated on approximately 1.5 acres, the asset is just under 20 miles to Ontario International Airport and is convenient to the 10, 210, 605, and 57 freeways.
Kurt Yacko of DAUM Commercial Real Estate Services and Kerel Sharfner of KW Commercial represented both buyer and seller in the transaction.
About Dunleer, LLC:
Dunleer is a real estate investment and development company that specializes in niche-focused, value-add real estate investing in Southern California. Dunleer offers a differentiated approach to investing through deep industry knowledge, operational expertise, a design-driven philosophy and long-term partnerships.