NAI Capital Completes $20.7M Sale of State-of-the-Art Distribution/Manufacturing Facility in Valencia, CA
Los Angeles, CA, May 8, 2018– Executive Managing Director Chris Jackson and Executive Vice President Todd Lorber, with NAI Capital’s Investment Services Group completed the sale of a 173,056 square foot distribution/manufacturing facility in Valencia, Calif. Jackson and Lorber represented the seller, a private investor, and the buyer Chicago, IL based First Industrial Realty Trust, Inc. The building sold for $20.7 million or $120 per square foot.
The building is located at 28545 Livingston Avenue within the Valencia Commerce Center in North Los Angeles. Built in 1999, the single-story building is a state-of-the-art, 173,056 square foot, free standing, high image, corporate headquarters facility. It has 14,320 square feet of office space and the entire building is air conditioned. It has an excellent distribution functionality, with 22 dock high doors and 4 ground level loading doors. In addition, it boasts heavy 4000 Amps of power which also makes the property a great manufacturing facility. The project was 100% vacant at the time of the sale. Jackson and Lorber are currently marketing the property for lease for the new owner.
Interestingly, this property is within what is called the Thirty Mile Zone (a radius beginning in Hollywood, outside of which cast and crew must be paid extra to work). The building is a candidate to be adapted for filming, soundstage, or prop warehousing. The Santa Clarita Valley has a burgeoning film industry, causing these types of properties to be in high demand and in extremely short supply.
Jackson said, “We are seeing strong demand from investors to purchase industrial assets – not just from traditional users. Hollywood wants these projects because they’re within the Thirty Mile Zone.” He adds, “LA industrial remains the tightest in the nation. The industrial leasing market in the Santa Clarita Valley remains strong as San Fernando Valley industrial is at record levels – driving up occupancy and asking rents. This project is receiving a flurry of activity.”
“This investment represents exceptional value for the new owner. We are seeing a tremendous amount of activity to lease this building,” said Lorber. “The building can be divided down to 53,940 square and accommodate two tenants – which makes it more attractive for the owner to have a multi-tenanted industrial building.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit http://www.naiglobal.com.
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