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12/09/15
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Xebec and Cornerstone Real Estate Advisors have teamed up to develop a state-of-the-art industrial park in the northeastern San Fernando Valley community of Sun Valley. The Class A project will consist of two warehouse buildings with a combined 361k sf of space. The project is being funded with a $47.8 mil senior loan provide by PCCP LLC.
The 15-acre site was acquired by an affiliate of Xebec/Cornerstone in October 2015. The site is currently going through the process of entitlement for the construction of the two spec facilities. The first building will total approximately 97k sf and the second building, a cross-dock facility, will be approximately 264k sf in size. The warehouses will have state-of-the-art features that include 36-foot clear height, ESFR sprinkler systems and 54 total dock-doors.
The Sun Valley Industrial Park is strategically located in the prime infill market of the San Fernando Valley, one of the tightest industrial submarkets in Southern California with a reported overall vacancy rate of approximately 1.3% in Q3 of 2015, according to Colliers International. The site is ideally located with excellent freeway access to Interstate 5, 210, 101 and 405 as well as to the 118 and 170 freeways.
Colliers EVP John DeGrinis, SIOR, VP Patrick DuRoss, SIOR and AVP Jeff Abraham of Colliers International’s North Los Angeles office in Encino will market the project.
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