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8/16/18
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In a notable industrial sale out of the west San Fernando Valley, a 44-year-old, 146.5k sf facility traded hands in a deal we’re told set a record price per square foot for industrial properties in the Greater Los Angeles area. The renovated property, located at 9140 Lurline, north of Nordhoff St between Mason and De Soto Aves in Chatsworth, was purchased by an affiliate of Exeter.
The property was sold by TA Realty. Although the price was not given out, sources estimate the facility traded for near $28.5 mil. That would work out to almost $195/sf.
The more than four-decades-old property was turned into a modern, state-of-the-art industrial facility after it was acquired in 2016 for just under $14 mil by TA Realty. The investment firm invested substantial capital to transform the building to a modern facility that meets the needs of today’s industrial users.
John DeGrinis, SIOR, Patrick DuRoss, SIOR, and Jeff Abraham, SIOR, with Colliers International represented TA Realty in the transaction. The buyer was repped by David Young and Chad Gahr of NAI Capital.
“This transaction will impact the pricing structure on industrial properties both here in the San Fernando Valley and, likely, throughout Southern California,” noted DeGrinis. “Persistent strong demand among investors and users for industrial assets like this one continues to drive the market upward with no end in sight.”
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