Western Realco, an industrial developer based in Newport Beach, has bought a 12.14-acre site at 600-708 E. Vermont Avenue in Anaheim from Rexford Industrial for $40.7 million.
Western Realco officials plan to break ground on the entitled site for a 256,046-square-foot Class A facility, according to brokerage firm JLL, which represented both the buyer and the seller through brokers Zach Niles, Louis Tomaselli and Steve Wagner.
Demolition is set to begin right away, and construction should finish by late 2027, officials said.
JLL has also been retained to market the project.
“We see an opportunity to deliver a new Class A building to the market in a space where there’s currently very limited inventory and growing demand across multiple sectors,” said Jeremy Mape, principal at Western Realco, in a news release.
Read more in the April 13 edition.
