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8/26/16
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Sierra Nevada Investment Group has acquired two Class A, tilt-up structures that are NNN-leased to Bayless Engineering. The properties, totaling 80.2k sf of space, fetched $12 mil ($150/sf).
The buildings are located at 26100 (41.7k sf) and 26140 Avenue Hall (38.5k sf), directly adjacent to the I-5 Fwy and within the Valencia Industrial Center. The concrete structures offer attractive clearance and loading, and also significant power for manufacturing.
CBRE’s Craig Peters and Robert Valenziano represented the seller. Craig Lyon of Craig Lyon Commercial and Steve Calhoun at Colliers International repped the buyer in the deal. The property received significant interest from a variety of private and institutional investors.
“Bayless Engineering is a highly desirable tenant that has been a leader in the manufacturing and engineering world, as well as the local Valencia business community, for almost 40 years,” said Peters. “This is an extremely desirable tenant in two functional industrial buildings within the prime Valencia submarket.”
The Valencia industrial submarket, which has a record low vacancy rate of 1.86 percent, has been one of the strongest in Southern California since the recovery, according to CBRE. Vacant space in Valencia, especially for larger buildings, has become very limited and rental rates have been steadily rising to reflect this lack of supply. With limited land available for future development, demand is expected to continue to outpace supply in the foreseeable future.
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