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SOUTHERN CALIFORNIA NEWS
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Intercontinental Real Estate Corporation Buys 222k sf Industrial Property in the San Fernando Valley

3/30/21

Intercontinental Real Estate Corporation has acquired a fully-leased, 221.8k sf warehouse and distribution facility in the northwestern San Fernando Valley community of Chatsworth. The 13-acre property is located at 20730 Prairie St, east of Topanga Canyon Blvd about 35 miles northwest of Downtown Los Angeles. According to a local pro we spoke with, the property likely traded for around $74 mil ($333/sf).

Built in 1975, it operated as a beverage packaging plant for the Ball Corporation until 2018. The vacant property was acquired in 2019 by the seller, a Dallas-based real estate investment firm, which redeveloped and leased the asset to a multi-national e-commerce retailer. The property serves as a last-mile delivery facility serving approximately 12.2 million people who reside within a 50-mile radius.

This is the first industrial asset in Los Angeles County for Intercontinental and adds to the firm’s nearly msf of industrial holdings on the West Coast. The Boston-based private equity real estate investment firm’s portfolio includes 29 msf of commercial and industrial space, and more than 12,000 multifamily units across the United States.

“Only a small percentage of the industrial inventory in the San Fernando Valley are buildings over 100k sf and the majority of those are older product,” said Intercontinental Senior Director, Acquisitions Jessica Levin, who heads the firm’s Los Angeles-based West Coast office. “The size of the asset, combined with the quality of tenancy, seller’s recent improvements and the building’s centralized location in the most populated region of Los Angeles makes this an irreplaceable last-mile delivery facility in Los Angeles. It is a tremendous addition to our industrial portfolio,” said Levin.

A CBRE West Coast Institutional Properties team led Darla Longo and Barbara Perrier represented the seller in the transaction. According to CBRE, the lack of industrial land in the region creates significant constraints on future product supply. New construction will only take place with the demolition of functionally obsolete facilities that make up the majority of the inventory.






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