$55-million industrial park is being built in El Monte

Los Angeles real estate investment and development firm the Magellan Group has begun construction on a large-scale industrial park in El Monte.

The $55-million complex called Magellan Gateway is being built on a 27-acre site north of the 10 Freeway on Temple City Boulevard. It will have five buildings with a combined total of more than 500,000 square feet.

Upon completion in the fourth quarter, Magellan Gateway will have 14 units ranging in size from about 11,000 square feet to 164,000 square feet for rent or sale, said Kevin Staley, a co-founder of the Magellan Group.

The complex was designed by Irvine firm HPA Architecture.

The Magellan Group also plans to finish construction on an 800-unit storage facility in Duarte next month.