Los Angeles, CA, February 23, 2023 – Dunleer, a Los Angeles-based private real estate investment and development firm, today announced it has sold 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). The asset sold to an owner-user for $7.25 million.
Dunleer acquired the property about 12 months ago for $5.41 million and made capital improvements to the exterior of the asset including parking lot enhancements and an updated exterior color scheme.
“We simultaneously marketed this asset for lease and for sale and garnered a number of offers from local users seeking to purchase the asset as it presented an achievable price point,” said BJ Turner, Founder of Dunleer. “With a short supply of properties of this size as well as a vacancy rate under 2% in the local market, this property was in high demand and we are pleased to have secured a strong return on our investment over a compressed time frame.”
The buyer is a manufacturer and will renovate the interior area to fit its specific needs.
Built in 1962 and situated on approximately 1.5 acres, the asset is located off Interstate 210 and the I-10 freeway, both key arteries between Downtown Los Angeles and Riverside County. With Downtown Los Angeles only 20 miles away, the property is conveniently situated between the major population centers of Los Angeles, Orange County, and Riverside County.
Kurt Yacko of DAUM Commercial Real Estate Services and Kerel Sharfner of New Vision Commercial represented Dunleer in the transaction.
Dunleer continues to seek both industrial and multifamily value-add assets in infill western states and in Texas this year despite economic headwinds and rising interest rates.
“While this environment is more challenging to acquire property, our team at Dunleer has been successful at identifying diamonds in the rough and we believe this year will prove to be active for us,” noted Turner.
About Dunleer, LLC: Dunleer is a real estate investment and development company that specializes in niche-focused, value-add real estate in urban infill locations in the Western U.S. Dunleer offers a differentiated approach to investing through deep industry knowledge, operational expertise, a design-driven philosophy and long-term partnerships.
