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LOS ANGELES — The Magellan Group has acquired a 26.8-acre site in El Monte for $20.5 million. The site is located at 4127-4213 Temple City Blvd. The company plans to develop a five-building industrial campus totaling 500,000 square feet. It is scheduled for completion in the third quarter of next year.
The $55-million campus will be developed in a joint venture with Principal Real Estate Investors. Magellan also recently acquired industrial and storage properties in nearby Duarte, Riverside and Baldwin Park.
The seller was a joint venture between Penwood Real Estate Investment Management and Wohl Property Group. John Minervini, Erik Larson, Robin Dodson and Chris Tolles of Cushman & Wakefield represented both parties in this transaction.