Transwestern Investment Group has acquired a 4.6-acre site in the Palmdale/Lancaster submarket on undisclosed terms. The site, near the Palmdale Regional Airport, will be redeveloped.
Transwestern Development Co. has plans to build a nearly 100,000-square-foot industrial property on the site, which is expected to be completed in early 2024.
“Industrial vacancy in Greater Los Angeles is less than 1.0% as of the first quarter, and even tighter in the Antelope Valley region,” Mike McKenzie, director of acquisitions for TIG, said in a statement. “This facility will satisfy the needs of an owner/user or tenant that wants the convenience of connectivity to Los Angeles, but at a greater value than the fully occupied San Fernando and Santa Clarita Valley markets.”
Since the site is less than 5 acres in size, it qualifies for a California Environmental Quality Act exemption.
“There is virtually no availability in the Greater Los Angeles area and the Inland Empire market is also nearing full occupancy,” Steve Batcheller, West Regional Partner for TDC, said in a statement. “The CEQA exemption limits the scope of entitlement requirements, which will enable us to bring this facility to market quickly.”