NAI Capital Completes $4.1M Sale of Industrial-Multifamily Redevelopment in Woodland Hills, CA
Los Angeles, CA, October 9, 2018– Chief Executive Officer Tim Foutz and Vice President Scott Linklater with NAI Capital’s Westlake Village office completed the sale of an 11,880 square foot warehouse in Woodland Hills, Calif. Tim and Scott represented the seller, Hartono 1990 Family Trust. The buyer was SBLP Development, LLC. The building sold for $4,162,000 or $350 per square foot.
The building is located at 6233 Variel Avenue within in the West San Fernando Valley submarket. Built in 1972, the single-story free standing warehouse features 16-foot clear height, ground level loading, automatic roll up door, and is fully air conditioned. The property is situated on a 24,394 square foot of lot in a prime Warner Center location. The project was 100% vacant at the time of the sale. The new owner plans to redevelop the property into multifamily housing units.
Tim said, “With land for development in short supply, we are seeing strong demand from investors to purchase assets for redevelopment.” He adds, “The West San Fernando Valley in particular is one of the most sought submarkets after in the region - with sales prices at record levels.”
“This property presented an opportunity for an investor to acquire an industrial asset for redevelopment next to existing multifamily product, in one of the most desirable locations in the West San Fernando Valley,” added Scott.
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 www.naiglobal.com.
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