Industrial Redevelopment Site in Vernon Acquired by Landmark Dividend for $61.5 Million from Alvern Co.

A seven-acre industrial redevelopment site at 1925 and 1936 E. Vernon Ave. in Vernon was acquired by Landmark Dividend for $61.5 million from the Alvern Co., according to a statement from CBRE, which facilitated the transaction, and public sources. The property currently houses a 368,000-square-foot five-story building but could be redeveloped into a modern warehouse, cold storage facility or data center.

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 ideal for redevelopment 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,” said Barbara Perrier in a statement.