Tag: Sales
SUBLEASED – 2212 Kenmere Avenue, Burbank
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.
Call for details.
Industrial Market Recap – 3rd Quarter
From Xceligent report: See full article HERE
Market Overview
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
Industrial Market Recap 2nd Quarter
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.
The Point at Simi Valley Business Center
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/
Industrial Market Recap 1st Quarter
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.
IAC – Valencia’s Newest 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.
Ryan McKenzie
Van Nuys Sales Comp
15030 Keswick St., Van Nuys, CA 91405
- 20,016 sf. (bldg.) on 46,530 sf. (lot)
- $3,992,000 Comp Sale Price
- $199.44 Comp Sale Price/SF
- LAP Zoning
- 1972 (R11) Year Built
- 40 Car Parking
- Construction type – Concrete Block
- Sale date 12/16/16
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Call today if you would like a free survey of industrial warehouse properties – 818-933-7113
*** Data from sources deemed reliable however information not confirmed or warranted for accuracy. Prospective buyers/sellors/lessors/lessees must do their own research.
Industrial Market Recap 4th Quarter
Los Angeles Northwest region continued fierce competition through the fourth quarter with a .1% drop in vacancy rates totaling 1% now available. Weighted Average Asking Rent (NNN) increased $.01 per square foot from 3Q bringing averages to $.81 (NNN). Current construction by submarket showed LA Northwest in second place behind LA East. LA Northwest reported 1,104,333 sq.ft. while least-under-construction market LA Central showed 626,818 sq.ft. Lastly, LA northwest posted 100,029 square feet of Total Quarterly Net Absorption.
In my opinion lease rates and square foot prices will stay the same or increase as seen in Weighted Average Asking Rent (NNN) increase. No noticeable movement from increased financing rates as of yet. Additionally, with with such little inventory the pricing and values are highly compressed – Sellers market.
To see full report from Xcelligent click here or on photo. ***
Do you need more information or help regarding your commercial real estate? Call today and I’ll be happy to discuss your needs. I’ll even send you a free survey of available properties to help you value your property.
*** Data from sources deemed reliable however information not confirmed or warranted for accuracy. Prospective buyers/sellors/lessors/lessees must do their own research.
Ryan McKenzie Industrial CRE 