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February 25, 2024
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Van Nuys Industrial Building Sells for $351/sf


A 48.4k sf, multitenant industrial building in Van Nuys was traded in a recent $17 mil ($351/sf) transaction. The San Fernando Valley asset was sold by Rexford Industrial Realty and acquired by Orion Business Park LLC, a California limited liability company.

The building is located at 8101-8117 Orion Ave, in the heart of the Valley. Built in 1978, the structure consists of 29 tenant spaces ranging from 1k sf to 4k sf. The building features 13’ clear height ceilings and 25 ground level loading docks.

The property is in a prime transportation corridor on Orion Ave and Cabrito Rd next to the 405 Fwy, between the 101 Fwy to the south and 118 Fwy to the north. The building was approximately 93% leased at the close of escrow. The new owner intends to lease up the remaining vacancy and hold the asset as a long-term investment.

Chris Jackson, Todd Lorber and Tim Foutz with NAI Capital Commercial represented Rexford in the deal.

“After holding Orion Avenue for 10 years, our client decided this was an excellent time to sell this well-located multitenant industrial investment property in an incredible market,” Jackson noted. “The San Fernando Valley industrial market consistently leads Los Angeles County in both rents and occupancy, making this an outstanding long-term investment for the new owner.”

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