Van Nuys Draws West-Side Transplants for Industrial Leasing.
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.
Call for details.
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
LA Northwest Market Update.
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.
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 firstname.lastname@example.org 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.
15030 Keswick St., Van Nuys Sale 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
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.