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5/16/16
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AEW Capital Management L.P. and Sheridan Ebbert Development just broke ground on a new industrial/office project covering 13 acres in Valencia. We’re told the development is part of the largest master-planned industrial project and center for business technology and industry in Los Angeles County.
The new development will contain three state-of-the-art industrial, offering dock-high loading, 28-feet clearance, upgraded ESFR fire sprinklers and 480/277 volt power. The Class A buildings will be offered for lease or sale. Building sizes will be 105k sf, 88.8k sf and 60.9k sf. Completion of the structures is expected to be in the first quarter 2017.
The ownership group, MCA Gateway V LLC, had purchased the four lots from Gateway V LLC in April of this year. CBRE’s Craig Peters and Doug Sonderegger represented both sides of this transaction and are now listing the to-be-constructed buildings.
The CBRE team previously had sold two adjacent lots on 11.89 acres last year to Logix Federal Credit Union and an additional five-acre lot to Hancock Parkway Properties, LLC.
“This site is close to the most important freeways in the county,” said Peters. “It allows easy access to all the major submarkets in the area, including the San Fernando Valley, Burbank Airport, Downtown Los Angeles, West Los Angeles and the Ports of Los Angeles/Long Beach.”
The Greater Los Angeles area industrial market has seen record low availability levels while demand is ever-increasing, likely pushing rents up 6 percent by year-end, according to CBRE’s first-quarter research report. The region is going to see some relief from supply constraints as more than 3.8 msf are currently under construction, with the South Bay and San Gabriel Valley accounting for the majority of the total.
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