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4/06/22
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In recent industrial sales news out of the San Fernando Valley, two multi-tenant industrial properties totaling 66k sf in North Hollywood traded for a combined sale price of $21.4 mil ($324/sf). The portfolio includes a two-building, multi-tenant property at 6850 Vineland Ave set on 1.49 acres, and a one-building industrial property at 13401-13431 Saticoy St in North Hollywood.
The property at 6850 Vineland Ave was sold by Vineland Group Holdings LLC to LaTerra Development II LLC. The 33.5k sf property at 13401-13431 Saticoy St. was sold by Pine Investment Partners LLC to 625 South Pacific Avenue LLC. The Saticoy property was refurbished in 2018 by the seller.
Scott Caswell and Erica Balin with Lee & Associates represented the seller in the deals. Greg Barsamian of CBRE repped the buyer of the Saticoy property.
The North Hollywood area has seen a high demand for quality industrial investments as investors start moving away from office and retail investments. According to Lee & Associates, 6850 Vineland Avenue set a market record of $331 per foot, the highest amount paid to date in the San Fernando Valley for this size range.
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