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1/29/20
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A 22.2k sf industrial property in Northridge sold for $10.5 mil, or $473/sf. The facility, located within the Northridge Business Centre at 19851–19853 Nordhoff St, is 100% occupied by The United States of America (GSA) on a long-term lease.
Built in 2007 by Overton Moore Properties, the property features 18-foot clear height, five grade-level doors, and a secure fenced yard. The property is within an infill San Fernando Valley location that has one of the tightest industrial markets in the nation with a vacancy rate of under 2%. It is also convenient to the 405, 5, 210, 101 and 188 freeways.
Sean Fulp, Ryan Plummer, Mark Schuessler, Kevin Shannon and Ken White with Newmark Knight Frank’s Capital Markets group represented the seller, GUR Nordhoff LLC. The buyer, Century Park Partners Inc, was self-represented.
“The GSA has occupied this facility since 2008 and recently renewed its commitment to the property by signing a lease for another 15 years,” said Plummer. “This presents a prime opportunity for the new ownership to enjoy in-place cash flows from a committed, investment-grade tenant in a well-located San Fernando Valley industrial building.”
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