Nationwide grocer Safeway Inc. has purchased a large industrial building in the Los Angeles area, which it plans to redevelop into a class A distribution facility.
Safeway paid Navcom Defense Electronics Inc. $30 million for the 327,615-square-foot building, which is located at 4323 Arden Drive in El Monte, Calif.
Due to downsizing, Navcom sold the 1962 building for approximately $91 a square foot. The property sits on more than 20 acres of land and includes a 410-foot-long loading platform, 15 loading docks, 18-foot clearance and extensive electrical capacity.
According to a press statement, Safeway currently owns approximately 60 acres adjacent to the Navcom Defense property, and plans to update and expand its current operations.