A new development north of Los Angeles has recently been placed up for sale as well as for lease. Currently planned for completion later this year, the project by Transwestern Development will bring five new industrial buildings to the market, a listing for the property from DAUM Commercial Real Estate Services shows.
The project is called Palmdale Logistics Center and is located across 158 acres at 3347 E Ave. The 3.1 million square foot project is available for lease and for sale on an unpriced basis, according to DAUM, which did not respond to requests for comment.
The buildings will range in size from 302,400 square feet to 1.24 million square feet and offer a mix of warehouse and office space. square feet. Overall, the five buildings will be 302,400 square feet, 360,000 square feet, 1.24 million square feet, 714,240 square feet and 505,440 square feet.
Situated in northern Los Angeles County near the Palmdale Regional Airport, the site is situated within close proximity to State Route 14 and Highway 138. Overall, Palmdale is home to a large number of industrial users, including Boeing, Northrop Grumman, Lockheed Martin and others.
Northern Los Angeles, in general, is home to a large industrial market, with vacancies continuing to decrease. According to a North Los Angeles Fourth Quarter Industrial Market report from DAUM Commercial Services, vacancy in the last quarter of 2022 dropped by six basis points to 1.8 percent. In addition, asking rents increased 3.25 percent, or $0.05 per square foot to $1.59 per square foot. Overall, sales volume for industrial properties in North Los Angeles in 2022 totaled $1.2 billion.