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4/06/12
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Port to Port Import Export Inc and Siena Floral Accents Inc have purchased a 186.7k sf industrial property in Simi Valley. The property, located at 3935-3949 Heritage Oak Ct, west of Tapo Canyon Rd and south of Los Angeles Ave, was sold by Invesco. The price was not disclosed.
The high-image, Class A industrial building was constructed in 1999 and offers state-of-the-art building features including 30-foot minimum clearance, 21 dock high loading positions and high image office space. It will be used for warehousing and distribution of home décor products. The buyer will be relocating its businesses from Santa Clarita to this location.
John DeGrinis, Senior Executive Vice President, Patrick DuRoss, Associate Vice President, and Jeff Abraham, Senior Associate all based in Colliers International’s Encino office represented the buyer. The seller was repped by Barbara Emmons, Bob Kahn and Billy Walk of CB Richard Ellis.
“In our region, it is most common for companies to migrate from east to west or north from the San Fernando Valley,” explained DeGrinis. “We seldom see businesses relocate south from Santa Clarita, but with a limited number of buildings to choose from in the North Los Angeles region greater than 100k sf, we had to expand our client’s area of consideration.”
DeGrinis previously represented the tenants that occupied the building prior to the sale and declared this to be one of his favorite buildings in the market given the very high quality of the property.
“Over the past two years, there have only been four buildings sold to owner / users over 150k sf in the entire North Los Angeles region,” added DuRoss. All four have occurred in the Simi Valley / Moorpark submarket. DeGrinis, DuRoss and Abraham represented the buyers in two of those transactions. “In both cases, our clients have been heavy users of the Ports of Los Angeles and Long Beach,” he continued.
“The modern, high quality distribution buildings are what attracted our clients to consider moving west. In addition, the logistics costs still made sense due to close freeway access and proximity to the Los Angeles Basin.”
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