CBRE Announces $61.5 Million Sale of a 7.05-Acre Redevelopment Site in Vernon, California.

CBRE has announced the sale of a 7.05-acre industrial redevelopment site at 1925 and 1936 E. Vernon Ave. in Vernon, California. The property, which currently houses a 368,500-square-foot, five-story building, was acquired by a confidential buyer for $61.5 million.

CBRE’s Barbara Perrier, Eric Cox, Jeff Stephens, Jack Mergenthaler, and John Hillman represented the seller, The Alavern Company. The buyer was represented by Jack Cline, Evan Jurgensen and Andy Gage of Lee and Associates.

“The site is located in the business-friendly City of Vernon where there are no building height limits, a seamless approval process for plans and projects, connectivity to fiber, and affordable power rates, making this site ideal for redevelopment,” said Ms. Perrier.

The property is less than two miles from the I-10 freeway and provides access to other major freeways, including I-5, I-110, I-710 and I-105. Its prime location situates it near the Ports of Los Angeles and Long Beach and just 16 miles from Los Angeles International Airport.

According to CBRE Research, the supply constrained Vernon/Commerce submarket had an overall vacancy rate of 4.5% and availability rate of 7.4% in Q2 2024. This infill submarket has few opportunities for new development, yet it remains a key industrial hub, benefiting from its proximity to major transportation routes and the ports.