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10/27/20
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Rexford Industrial Realty paid $22.05 mil for a two-building, 140.8k sf ($157/sf) industrial park in Sylmar, in the northeastern San Fernando Valley. The property was sold by Oaktree Capital Management L.P. and Intertex Companies.
Located at 12744 San Fernando Road, the property stretches across 6.48 acres and was 56% leased to two tenants at the time of sale. Primed for redevelopment, the property is well-suited to accommodate an approximately 145k sf building for last mile distribution.
Situated at the confluence of the I-5, I-405 and I-210 Freeways, 45 miles from the Port of Long Beach and Los Angeles, 30 miles from the Los Angeles International Airport, the property is strategically located to meet the growing last mile demand within Los Angeles.
Kevin Shannon, Sean Fulp, Bret Hardy, Jim Linn and Ryan Plummer with Newmark represented the sellers in the deal. The buyer was self-represented.
Plummer added, “The East San Fernando Valley market is ideally suited for last mile distribution, and it has been starved for new, modern industrial product. The desire to deliver that product was evident on this disposition.”
Los Angeles County industrial vacancy has remained under 3% for 17 straight years as modern product remains in short supply, according to NKF Research. Q3 sales volume was highly pronounced and well beyond the market’s 10-year average. Average asking rents ended the third quarter of 2020 at $0.89 per square foot NNN, an increase of 2.3% from $0.87 in the third quarter of 2019; today’s rent is at a record high.
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