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6/15/21
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A 22.4k sf, multi-tenant industrial building in the city of San Fernando sold for $5.56 mil ($248/sf). Built in 1962, the property is located at 571-595 4th St, within North LA’s East San Fernando Valley industrial submarket.
The single-story building features six, separately metered, 3.7k sf units, each with a roll up door. The property is situated in a central location minutes from Hwy 118, east of I-5, and west of the 210 Fwy. The building was 50% occupied at the close of escrow. The new owner plans to occupy the vacant space, lease the remaining units, and hold the asset as a long term investment.
David Young and Chad Gahr, SIOR, with NAI Capital Commercial’s Industrial Services Group represented both the buyer, a family trust, and the seller, a California limited partnership, in the transaction.
David said, “Opportunities for owner-users to purchase multi-tenant industrial buildings in this market are extremely competitive due to strong demand and limited availability of this product type,” noted Young.
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