|
|
5/09/18
|
First Industrial Realty Trust Inc has acquired a 173k sf distribution/manufacturing facility in Valencia for $20.7 mil, or $120/sf. The asset, located at 28545 Livingston Ave within the Valencia Commerce Center in North Los Angeles, was 100% vacant at the time of the sale.
Built in 1999, the single-story building is a state-of-the-art, freestanding corporate headquarters facility. It has 14.3k sf of office space and the entire building is air conditioned. The property includes 22 dock-high doors and four ground-level loading doors. In addition, it boasts heavy 4000 Amps of power which also makes the property a great manufacturing facility.
Because the property is within what is called the Thirty Mile Zone (a radius beginning in Hollywood, outside of which cast and crew must be paid extra to work), it is a candidate to be adapted for filming, soundstage, or prop warehousing. The Santa Clarita Valley has a burgeoning film industry, leading these types of properties to be in high demand and in extremely short supply.
Chris Jackson and Todd Lorber, with NAI Capital represented the Chicago-based buyer and the seller, a private investor, in the transaction. Jackson and Lorber are currently marketing the property for lease on behalf of the new owner.
“We are seeing strong demand from investors to purchase industrial assets – not just from traditional users. Hollywood wants these projects because they’re within the Thirty Mile Zone,” said Jackson. “LA industrial remains the tightest in the nation. The industrial leasing market in the Santa Clarita Valley remains strong as San Fernando Valley industrial is at record levels – driving up occupancy and asking rents. This project is receiving a flurry of activity.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
