Ryan McKenzie located and secured 25,400 square feet of this building for international technology and electronics distributor IT Asset Partners. The property included a gated yard, high clearance, and loading docks which fit perfectly for the expanding firms goals. Additionally, $.15 per square foot was saved on the lease rate as compared to the local Chatsworth market. The new facility marks another win for the firm who already occupies for than 40,000 square feet in the west valley.
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Ryan McKenzie and Steve McKenzie represented the Lessor in this 5,040 square foot transaction and secured a lease with west-side transplant Rug Ideas represented by an outside broker. The facility will become the new home for the “3rd Generation Full Service Rug Company.” The five year transaction will add a favorable tenant to the 162,000 square foot business park’s tenant mix.
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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
From Burbankca.gov – See Below
The proposed “Avion” project would construct a business park on approximately 60 acres of vacant land adjacent to the Burbank Bob Hope Airport consisting of the following components:
- Six buildings two stories high for industrial/warehouse uses totaling 1,014,887square feet;
- Nine buildings two stories high for creative office uses totaling 142,250 square feet;
- Two buildings one story high for retail/restaurant uses totaling approximately 15,154 square feet;
- One hotel with 166 rooms;
- Complete site improvements related to the project including utilities, drainage, paving, landscape, lighting, etc.
- Extend, improve, and dedicate Tulare Avenue west of Hollywood Way;
- Extend, improve, and dedicate Kenwood Street south to the future Tulare Avenue.
The project site is located at 3001 N. Hollywood Way, and is surrounded by industrial/storage uses (to the north and east), the Burbank Bob Hope Airport (to the west and south), and vacant parcels. North Hollywood Way abuts the easterly boundary of the project site, and North San Fernando Road is to the north, and Winona Avenue is to the south. The current zoning designations are “General Industrial (M-2)” and “Airport (AP)” and are proposed to change to “Planned Development (PD)” zoning. The project site has two General Plan land use designations, “Golden State Commercial/Industrial” and “Airport” and the entire project site is proposed to be Golden State Commercial/Industrial.
SEE FULL PAGE INFORMATION: 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.
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.