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7/14/16
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A 63.8k sf industrial property in the northeastern San Fernando Valley community of Pacoima sold for $8.43 mil, or $132/sf. The buyer was the ownership entity for Morphe Brushes, an online retailer of makeup brushes.
The two-story property sits on 2.69 acres at 10303 Norris Ave, near the 5 and 118 Freeways, about 25 miles northwest of downtown Los Angeles. The Class A facility features 24’ ceiling clearance, dock-high loading and a fully fenced concrete yard.
David Harding, Greg Geraci, Matt Dierckman and Billy Walk of CBRE represented the seller, Cohen Asset Management Inc. The buyer was repped by Steve Marx and Chris Habitz of Capital Real Estate Inc.
“This is a mature in-fill market with one of the lowest vacancy rates in the country,” noted Harding. According to CBRE, the San Fernando Valley has a population base of 1.8 million people and the area’s 1.1 percent industrial vacancy rate is among the lowest nationwide due to limited land options for new development and the area’s proximity to studios and entertainment companies.
“The North East Valley provides economic advantages in terms of sale and lease values as compared to the Burbank area,” said Geraci. “Combine this with the fact that close to 70 percent of Los Angeles County’s motion picture and sound recording industry is located in the Greater San Fernando Valley and you are looking at a great investment.”
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