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9/26/16
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AEW Capital Management L.P and Sheridan Ebbert Development are well underway with development of their Valencia Gateway V project, consisting of three industrial buildings totaling roughly 255k sf of space. The buildings, which just had their walls tilted, are part of the largest master-planned industrial project and center for business technology and industry in Los Angeles County.
CBRE's Lew Horne speaking at wall tilting ceremony |
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The three state-of-the-art industrial buildings currently being constructed will feature dock-high loading, 28 feet minimum clearance, upgraded ESFR fire sprinklers and 480/277 volt power. The Class A buildings are being offered for lease or sale. Building sizes will be 105k sf, 88.8k sf and 60.9k sf in size.
The ownership group, MCA Gateway V LLC, purchased the three lots from Gateway V LLC in April of this year. CBRE’s Craig Peters and Doug Sonderegger represented both sides in the transaction.
“This project sits in a highly desirable and dynamic area within the Greater LA region,” said Peters. “It’s easily accessible by all the major population centers within the area. The fact that it offers a great range of product size both for sale and lease also makes it attractive to a wide range of companies.”
The Greater Los Angeles area industrial market has seen record low availability levels while demand is ever-increasing, likely pushing rents up 5.4 percent by year-end, according to CBRE’s second-quarter research report. During the current development cycle, construction levels have averaged 3.2 msf since 2013, significantly below the previous peak cycle of 7.2 msf between 2004 and 2007. The extreme supply-and-demand imbalance is projected to continue in the Valencia and Santa Clarita Valley submarket for years to come.
“This area has record levels of demand and virtually no industrial vacancies with minimal new development planned, so this is a great opportunity for growing companies looking for Class A buildings,” said Sonderegger. “This really is the first significant new industrial construction in North LA County in almost a decade.”
Valencia Gateway V is expected to be completed by the first quarter of 2017.
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