Ryan McKenzie and Chris McKenzie were able to take advantage of low sublease rates and fulfill a short term immediate need for local entertainment consignment company Techno Empire. Combining two warehouses into one and saving a tremendous square foot cost in the Burbank marketplace was the goal. Ultimately, 25,644 square feet was subleased until the end of the term.
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Ryan McKenzie and Chris McKenzie were able to secure a lease with the fast growing company New Image Custom Screen Printing. “New Image’s” goal was to obtain a larger industrial facility for long term expansion purposes. They were able to increase size from 6,000 sq.ft. into this 12,000 square foot facility on the edge of San Fernando and Pacoima with a ten year lease.
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Ryan McKenzie and Chris McKenzie were able to secure a lease with the prominent lighting entertainment firm Volt Lites for this 15,000 square foot facility in Burbank. Many of Burbank’s creative industrial companies have decided to relocate into this “Creative Flex” type of building. Utilizing new offices, new lighting, fresh exterior upgrades, polished concrete interiors and more – our tenant was able to secure a long term lease in the premier Backlot Burbank Business Park.
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Empire Project Fact Sheet
See original document ^^^
From Xceligent report: See full article HERE
With a slight uptick in vacancy totaling 1.5% for warehouse distribution, landlords continue to reap the benefit. However, while sale prices are still high, Sales Volume has had a significant decrease over last year’s 3Q. Are prices going to drop? Demand continues to remain high, however pricing may have outpaced consumers.
See Xceligent report HERE
The Los Angeles county industrial market remains the tightest in the country – Xceligent Research. Despite seeing a continual feeding frenzy for industrial property, the market inventory has increased — by 0.1%. With the only new product coming online in Valencia and Simi Valley, San Fernando Valley industrial property values continues to grow by leaps and bounds.
The newest trend in the warehouse world is “Creative Rehab” which turns the dated heavy industrial brick construction into warehouse/office conversions. These properties are complete with polished concrete floors, modern lighting, full A/C, and a kitchen that would make your home jealous. It also comes with a hefty price tag of nearly $1.40 NNN per square foot for over 10,000 sq.ft. of space. In comparison the competitive market rate is between $1.15-$1.20 NNN per square foot.
Land within the Valley will continue to disappear as Overton Moore Properties’ newest project will remove land from Burbank Airport adjacent parking lots. Effectively displacing many entertainment studio vehicles and other related companies. Sending land hungry companies into Sun Valley, Sylmar, and San Fernando.
Bottom line – my opinion is lease rates will increase and sale price to follow suit.
To see Xceligent full report click HERE.
Four new state of the art industrial buildings are rising from Simi Valley’s west end. Brought to market by Overton Moore Properties, and featuring 26′-28′ clear height with ESFR sprinklers – these will surely go fast. In fact one building is already in escrow.
- 161 W Cochran – 41,602 sq.ft.
- 163 W Cochran – 31,434 sq.ft.
- 165 W Cochran – 30,637 sq.ft. (in escrow)
- 167 W Cochran – 37,050 sq.ft.
See full marketing package here ->http://www.thepointatsimivalley.com/
Los Angeles Northwest region maintains continued low vacancy rates with only .1% increase in available space for warehouse and distribution totaling 1.1%. Direct Weighted Average Asking Rates (NNN) increased by $.01 to $.75 for warehouse and distribution but remained the same for flex property at $1.09. Unemployment also dropped for California.
In my opinion lease prices will continue at current market however sales prices will increase as users contemplate equity involvement in properties.
To see full report from Xcelligent click HERE.