LA Northwest Market Update
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.
Closed lease transaction Van Nuys.
I am pleased to announce our recent completed lease transaction for 7720 Airport Business Parkway in Van Nuys. Steve McKenzie and I represented Sweetwater Digital Productions a division of NEP Broadcasting as the Lessee on this transaction.
- 17,369 Square Feet
- 50 Months
- $1.10 Per Square Foot Gross
For additional information regarding this transaction, please email at email@example.com or call at 818-933-7113.
Contact me today if you have a property you need to lease or are needing space in the near future.
The New 9 Building 1.3 Million Sq.Ft. Development
With very little land left for development of new property near Los Angeles, the IAC Commerce Center will be a breath a fresh air – and paint.
I attended the IAC Commerce Center “Wall Raising” ceremony complete with hard hats, SCV Economic Development Corporation, and Press Secretaries for Assemblymen. The talk was all about the newest Valencia Industrial development. The business park boasts 9 buildings and 1.3 million square feet of building space, all built on 116 acres. Currently constructing Building 1, the business park will be developed in three phases. The timeline is not currently known, but it will be beautiful by the looks of it.
Some notable facts regarding the Building 1:
- Office Square Feet: To Suit
- Clear Height: 30
- Dock High Loading: 39
- Ground Level Loading: 2
- Lease Rate: Subject to Offer
- Power: 2,000 Amps. 480/277 Volt 3 Phase, 4 Wire
- Sprinklers: ESFR
- Parking: Approximately 218 Spaces
If you are considering a large facility move or addition to your business, this is a great opportunity to work with Santa Clarita Valley Economic Development Corporation. They can provide tax credits, scatter maps, and more to help you consider this opportunity.
Please contact me if you would like more information or have any questions regarding this project. You can see the full information here at IAC Commerce Center.