A 26,000-square-foot industrial constructing in Van Nuys has offered for $7.1 million.
Chris McKenzie, principal of Lee & Associates LA North/Ventura and Ryan McKenzie at Kidder Matthews represented the customer, LK Holding. The vendor was Chase Van Nuys LP, represented by Jones Lang LaSalle Inc.
The commercial constructing, situated close to the Van Nuys Airport, was an vital asset for the customer who was in search of an owner-user enlargement given the speedy progress of its e-commerce firm, in line with Chris McKenzie.
“We had been in a position to transfer rapidly for this purchaser, who had been in search of the correct asset for the final 18 months or so,” Chris McKenzie mentioned in an announcement. “This transaction was an awesome instance of the correct asset on the proper time. We helped safe a big credit score for the customer throughout escrow, additionally engaging in a aggressive low comp within the space.”
The sale of the constructing — situated at 15950-15952 Strathern St. — got here at a vital time for industrial actual property with the looming Unite to Home L.A. tax initiative.
Often known as ULA, the measure, which went impact April 1, added a property tax of 4 % for properties promoting for greater than $5 million and 5.5% for properties promoting at $10 million or extra. The events succeeded in closing the deal earlier than April.
Low emptiness charges of lower than 2% for industrial properties within the central San Fernando Valley proceed to drive consumers’ curiosity within the asset class, in line with McKenzie.
Living proof: Might noticed Longpoint Realty Companions purchase an industrial portfolio adjoining to the Van Nuys Airport for $85 million.
Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield represented the undisclosed vendor within the transaction.