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LOS ANGELES COUNTY NEWS
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Tutor-Saliba Purchases New Sylmar Building

7/28/08

A 33.7k sf building at North Valley Commerce Center, a 201.3k sf industrial business park in Sylmar, was recently acquired by Tutor-Saliba Builders, the big civil infrastructure and commercial building construction firm that typically handles projects in the $100 mil to $1 bil range. The purchase price was not disclosed.

North Valley Commerce Center consists of seven buildings with units ranging in size from 2.2k sf to 57.7k sf for sale or lease. The fully-landscaped business park is located at the intersection of Olden St and San Fernando Rd, near to the 5, 405, 118 and 210 freeways.

Voit Development Company completed construction of the business park in June of 2008. According to Voit, it is the only new industrial business park development to be completed this summer in the San Fernando Valley.

David Harding, Greg Geraci, Matt Dierckman and Billy Walk of CB Richard Ellis represented Voit Development Company in the transaction. Tutor-Saliba Builders represented itself. Tim Regan of Voit Development is the project manager for the industrial park.

In a nearby land buy from a couple of months ago, Dennis Fogel, Principal of North Hollywood-based Mack Metals, paid $1.5 mil for an M-2 zoned, .52-acre ($0.66/sf) land parcel at 11911 Sheldon St, on the northeast side of the I-5 off of San Fernando Rd in Sun Valley. The property currently consists of two older residential buildings that are expected to be converted to office use by the buyers for their metal recycling business.

Bob Hoyer of Delphi Business Properties represented the seller, Leonel N. Valencia, in the transaction, while Clark Prince of Daum Commercial Real Estate Services repped the buyers. “This is a watermark price for this type of property largely because of the ongoing scarcity of land in the East Valley, particularly parcels under an acre in size. Ironically, the East Valley had long been the one area where available land was most plentiful for business use in this submarket,” Hoyer commented.






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