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3/30/23
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A 26k sf industrial building in the heart of the San Fernando Valley traded for $7.135 mil, or $274/sf. The building is located at 15950-15952 Strathern St, south of Roscoe Blvd and west of the 405 Fwy in Van Nuys.
The industrial building, located near the Van Nuys Airport, was an important asset for the buyer, who was seeking an owner-user expansion given the rapid growth of its e-commerce company.
Chris McKenzie, Ryan McKenzie and Kidder Matthews with Lee & Associates LA North represented the buyer, LK Holding. The seller, Chase Van Nuys LP, was repped by JLL.
The sale comes at a critical time for commercial real estate with the looming ULA Tax which kicks in on April 1, 2023 and adds a property tax of 4% for properties conveyed over $5 mil, but under $10 mil, and 5.5% for properties conveyed at $10 mil or more.
The seller wanted to ensure its swift movement in light of the ULA Tax as they had acquired the property as part of a portfolio acquisition prior. The low vacancy rates of less than 2% for industrial properties in the central San Fernando Valley continue to drive buyers’ interest.
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