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2/02/16
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A 26.25-acre land site in the northeastern San Fernando Valley community of Sun Valley sold for $21.5 mil. The property, located at 11590 Tuxford St, off I-5 near Lankershim Blvd and San Fernando Rd, used to be one of Los Angeles’ biggest and most popular auto dismantlers and was regularly featured as a location site in movies by major motion picture studios.
The property, which encompasses an entire city block, was used for the operation of the business U Pick Parts for more than 50 years. There are some improvements on the land included in the sale.
CBRE’s Dave Harding, Greg Geraci, Matt Dierckman and Billy Walk represented the seller in the deal. The buyer, Sun Valley Land LLC, was repped by Joe Carroll from Resource One Real Estate of Los Gatos.
“The property drew strong interest from a variety of buyers as land opportunities of this size that are strategically located are rare to find in this area,” said Harding.
San Fernando Valley has a dense, infill industrial market with limited opportunities. The Sun Valley submarket is a key San Fernando Valley location, sitting adjacent to Burbank and the 5 Freeway, with easy access to the rest of the Valley and Santa Clarita.
The property resides in a market with a 1.1% vacancy and lease values that have climbed about 8% and sale values that have jumped 21% last year.
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