Three undeveloped land sites totaling 23 acres in Palmdale have sold for a combined $7.3 million.
Located in Antelope Valley between 10th St. West and Highway 14, the trio of properties are part of the Palmdale Trade and Commerce Center.
P&L Realty LLC acquired the sites from SYCG-MGP Palmdale I LLC. Cushman & Wakefield‘s VincentRoche other Duane Keathley represented both parties in the transaction.
Roche said in a statement, “This was a significant land acquisition of improved land in the best location in Antelope Valley. The sale represents market confidence in the Palmdale market and future industrial absorption. The three properties provide great accessibility including infrastructure access to the ports of Long Beach and Los Angeles.”
The buyer has yet to announce specific plans for the properties. The current zoning will allow for a mix of commercial, retail, industrial and public uses. The sites have all been graded and utility services have been installed.
Palmdale Trade & Commerce Center is located within Palmdale’s prime business district which includes the Antelope Valley Mall, Palmdale Regional Medical Center, Auto Mall, hotels, restaurants and a proposed Palmdale conference center. The properties also surround a local delivery station for a major e-commerce company.
According to Colliers data, Antelope Valley saw 29,732 square feet sold and leased in the third quarter, compared to 108,898 square feet during the second quarter. Vacancy for the third quarter hovered at 1.9%.