|
|
3/09/21
|
A six-building, 77.8k sf multitenant industrial business park in Van Nuys sold for $19.25 mil, or $247/sf. The property, located in the heart of the San Fernando Valley at 14723-14825 Oxnard St, was purchased by ARKA Properties Group. The seller was Rexford Industrial Realty Inc.
Renovated in 2014 and 2018, the business park was initially built in 1964 and is zoned M-2 Industrial/Manufacturing. It sits on 3.26 acres and includes 73 single-story units. The buildings range in sizes from 8k sf to 24k sf with unit sizes that range from 700 sf 6.4k sf. The property is in a central location near the intersection of Oxnard St and Kester Ave, with major street visibility, minutes from the 405, 101 and 170 freeways.
The building was approximately 98% leased at the close of escrow. The new owner intends to lease up the remaining vacancy and hold the asset as a long-term investment.
Chris Jackson, Todd Lorber, Tim Foutz and Grant Bullen with NAI Capital’s Investment Services Group represented both parties in the transaction.
Jackson said, “This was an excellent opportunity for our client to buy a well-located multitenant industrial investment property in an incredible market. The San Fernando Valley industrial market consistently leads Los Angeles County in both rents and occupancy, making this an outstanding long-term investment.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
