LOS ANGELES, CA--(Marketwired - Jun 10, 2015) - The Magellan Group, a leading Southern California real estate investment and development firm, has begun construction on Magellan Gateway, a five-building, 501,270-square-foot industrial park at 4127-4213 Temple City Boulevard in El Monte, California.
Magellan executives joined El Monte civic officials today to showcase the $55 million development and its economic impact on the community. The ground breaking ceremony was held almost one year to the day following Magellan's purchase of the 26.8-acre site, which at that time was one of the largest remaining infill industrial parcels in Greater Los Angeles.
"We're excited to start construction on Magellan Gateway," said Kevin Staley, principal and co-founder of The Magellan Group. "This is a premier industrial park that will meet the high demand for new space in a supply-constrained market."
Magellan Gateway is the first new large scale industrial development in El Monte since 2008. Designed by HPA Architecture, the project is expected to meet the criteria for a LEED Sustainable Facility pending certification. Completion of the project is scheduled for fourth quarter 2015.
The project offers a flexible variety of tenant spaces for lease or sale, with 14 units ranging in size from 10,905 to 164,284 square feet. Building features include 26- to 30-foot clear heights, dock-high and grade-level loading, concrete driveways and truck courts, T5 warehouse lighting, flexible column spacing, finished ground floor office spaces and ample mezzanine space.
"Magellan Gateway is an ideal project for owner users and tenants seeking a Class A project with superb functionality and top-quality construction in a location central to the Greater LA area," said Robin Dodson, executive director at Cushman & Wakefield. Dodson represents the project with fellow Cushman & Wakefield brokers John Minervini, Erik Larson and Chris Tolles.
The Magellan Group continues to be active throughout the Southland, including the pending completion next month of an 800-unit storage facility in nearby Duarte. Magellan has also completed the investment cycle on several value add projects, including the sale of a 530,000-square-foot industrial and office project in Commerce last week and the recent disposition of two industrial buildings in Riverside.
"This project is an excellent example of our ongoing investment and development strategies for prime infill properties in Southern California," said Martin Slusser, principal and co-founder of The Magellan Group.
About The Magellan Group
The Magellan Group is a leading Southern California real estate investment and development firm with in-house acquisition, development, finance, leasing and property management expertise. Co-founded by Martin Slusser and Kevin Staley in 1990, The Magellan Group has acquired and developed more than 4.5 million square feet of industrial, self-storage and aviation properties with a total value in excess of $600 million. The Magellan Group acquires properties that can benefit from the company's proven ability to add value through repositioning, renovation, leasing and improved management operations. The firm also operates Magellan Storage, a regional leader in self-storage facilities, and Magellan Aviation, one of the top providers of hangars and services at McClellan-Palomar Airport in Carlsbad, California. www.magellangrp.com
Contact Information:
Contacts:
Nicole Inal | Randy Hall
Nicole@ideahall.com | Randy@ideahall.com
714-263-8731 | 714-263-8723
