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9/05/17
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In an LA-area industrial sales comp from a month or so ago, a 19k sf building in Sun Valley sold for $4.425 mil, or $233/sf. The building is located at 8620 Tamarack Ave, adjacent to I-5 at San Fernando Rd in the northeast San Fernando Valley.
The property was purchased by an owner/user, 1614 Schrader Apartments, as the upleg of a 1031 Exchange for a business expected to open next year. The seller was 8620 Tamarack Investors LLC.
Hunter Warner and Brett Warner with Lee & Associates-LA North/Ventura represented the buyer and seller in the transaction. They tell us the property sold after attracting multiple offers just two weeks after marketing commenced.
“A company looking to lease industrial space in this market today has one or two choices at most in its preferred submarket,” said Hunter Warner, “and rents are rising very rapidly for those spaces.
The industrial vacancy rate in the Sun Valley submarket was 1.3% at the close of the second quarter, and asking rates throughout the San Fernando Valley have risen nearly 12% to an average of $.85/sf/mo, year-over-year. As of the second quarter, the median price of industrial buildings sold in the San Fernando Valley was $159 per square foot, more than 10% ahead of the median for the same period in 2016.
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