Two Industrial Deals Top $17M

DIAMOND BAR, CA-College Point, NY-based Jetro Cash & Carry Enterprises LLC has acquired a 70,400-square-foot industrial building for $9.69 million in an all-cash transaction, and a City of Commerce tenant has signed a $7.5 million lease renewal in two recently closed industrial deals, according to brokers involved in the transactions.

In the $9.69 million sale, Adam Dzierzynski of Lee & Associates has closed what he describes as one of the largest deals in the Eastern San Gabriel Valley this year. Dzierzynski reports that Jetro Cash & Carry bought the building, which is at 20405 E. Walnut Dr., from an individual investor. The facility, remodeled in 1972, will become a food distribution center for Jetro.

Dzierzynski, who represented the seller, says that Jetro liked the property because the deal included extra land and the location offers lower property taxes than surrounding areas, plus fewer restrictions on business operations. The purchase of this Diamond Bar location will expand the chain to total more locations in California and New York.

The seller sold the building as part of a consolidation of his company’s office and warehouse space, Dzierzynski notes. Jetro Cash & Carry was represented by Eric Nelson of Colliers International.

In the City of Commerce transaction, Mike Foley and Dave Hess of CB Richard Ellis report that Shims Bargains signed a five-year renewal for the 267,500-square-foot industrial building, which is at 7026-7030 Slauson Ave. and is known s the Chartwell Distribution Building. Shims has occupied the building for almost four years.

Foley and Hess represented property owner AMB Property Corp. in the transaction, which was co-brokered with Ken Coward of Colliers International.”The tenant’s decision to renew at this location reinforces the strength of both the Commerce distribution market and the import/export business,” Foley said.