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7/29/14
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Mole Richardson Co Ltd purchased a A, 108k sf industrial building in the northeastern San Fernando Valley community of Pacoima. The property, situated on just under five acres at 12154 Montague St, just south of the intersection of Osborne St and Glenoaks Blvd, contains 215.9k sf of space.
The tilt-up building has 24’ warehouse clear height, 12 dock-high loading positions and a large trucking court. In addition, a new roofing system was installed in the fall of 2012.
The property is centrally located within the East Valley portion of the San Fernando Valley market, just east of the Golden State (5) Freeway at the Osborne exit and just south of the Simi Valley (118) Freeway. It is minutes from multiple freeways (5, 118, 210, 170 & 405).
David Harding, Greg Geraci, and Barbara Emmons of CBRE represented the seller, Cohen Asset Management Inc, in the transaction. David Lachoff of Newmark Grubb Knight Frank repped the buyer. The price was not disclosed.
“The market is considered to be amongst the most desirable industrial markets in the greater Los Angeles region, with a low vacancy rate of one percent and extremely limited land options for new development,” says Harding. “The buyer, coming from Hollywood, was attracted to the synergy of entertainment companies in the area and the strong market fundamentals of San Fernando Valley.”
The Pacoima area is home to a variety of industries from entertainment, manufacturing and distribution. Today, approximately 69% of Los Angeles County’s motion picture and sound recording industry is located in the Greater San Fernando Valley.
“The Montague building is special because it’s a highly functional building in a very tight market,” says Geraci. “It’s one of the largest buildings in the market and has an exceptionally big trucking courtyard that is required by many companies.”
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