Two industrial buildings in Chatsworth have sold for a combined $29.8 million to a San Francisco real estate investment trust.
TA Realty of Boston sold the buildings to Prologis, which specializes in industrial real estate and has been active in the San Fernando Valley recently. It picked up another fully leased, 168,000-square-foot industrial building at 9545 San Fernando Road in Sun Valley in March.
“Prologis really likes the San Fernando Valley and they wanted more exposure here,” said CBRE Group Vice Chairman Barbara Emmons, whose downtown L.A. team represented both sides of the deal.
TA Realty, a privately held real estate investment advisor, was liquidating a fund, she said.
The sale price amounted to $132 a square foot, slightly above the average price this quarter of $110 a square foot for similar properties in the submarket.
The Class C warehouse buildings at 9453 Owensmouth Ave. and 21411 Prairie St. are 30 years old and total 225,720 square feet.
Both are fully leased to Natrol Inc., a Chatworth maker of vitamins and supplements that was bought out of bankruptcy for $133 million late last year by an Indian generic drug maker. Natrol employs more than 200 workers on the properties, which it has leased through August 2018.
Prologis will refurbish the offices at the properties, which feature 24-foot ceiling heights.