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7/23/24
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A partnership of Center Capital Partners, Authentic Capital Group and TPG Angelo Gordon acquired a 150k sf, high-image industrial facility in the western San Fernando Valley for $41.5 mil ($277/sf). The property, located at 9401 De Soto Ave in Chatsworth, was sold by NBP Capital.
The building, which sits on 6.68 acres, is fully leased to two, high-quality tenants. It features 28’-31’ clear heights, 12 dock-high loading positions, six ground-level doors, 21k sf of office space, and a fenced, concrete yard. The facility’s location provides convenient access to major freeways including SR-118, US-101, I-405, I-5 and I-210. Additionally, it is in proximity to the Ports of Los Angeles and Long Beach as well as Bob Hope Airport and Los Angeles International Airport.
The property will serve as the initial investment in a joint venture between TPG Angelo Gordon and Center Capital Partners’ partnership with Authentic Capital Group, targeting industrial assets located in close proximity to the coast in Southern California. TPG Angelo Gordon is a diversified credit and real estate investing platform within TPG, a leading global alternative asset management firm.
Michael Longo, Barbara Perrier and Bennett Robinson with CBRE represented the buyer in the transaction. Mark Esses and Keith Kleinman from California Realty Group repped the seller, who purchased the asset from Rexford Industrial Realty in 2017 for $17 mil.
According to Longo, it’s rare to see 30-foot clear buildings trade in the San Fernando Valley.
According to CBRE research, the San Fernando Valley is one of the best-performing industrial submarkets for lease activity in the country. The area reported the highest industrial occupancy rate in Greater Los Angeles for five consecutive quarters, attributed to limited development and prime location.
The transaction is part of a larger programmatic venture between Center Capital Partners and Authentic Capital Group to acquire and scale a portfolio of high-quality core-plus to value-add industrial assets in core urban infill markets displaying the strongest supply demand fundamentals.
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