San Fernando Valley based brokerages Delphi Business Properties Inc. and NAI Capital have completed the sale of a multi-tenant industrial park in Van Nuys for $8.8 million in an all-cash transaction.
Jeff Puffer, SIOR, senior vice president with Delphi, represented the property owners Camillus T. and Phyllis V. Decinces in the sale to buyer Rex Investment who were represented by NAI. The park totals 54,597 square feet between four buildings at 7730-7750 Gloria Avenue and 7739-7751 Densmore Avenue, just two blocks from the Van Nuys Airport. The buildings were 100 percent leased.
Puffer said the sale of the business park represented "a record low CAP rate for an industrial investment property in the Valley."
Yair Haimoff, an executive vice president and branch manager with NAI Capital, said the sale was indicative of what is happening in the San Fernando Valley market as a shortage of properties and strong investor demand push up prices.
Gloria Densmore Park is the largest multi-tenant industrial sale in the central San Fernando Valley this year, Haimoff said in a statement.
“There were multiple bidders for this property; both private and institutional investors,” he added. “To get this asset, my client paid over asking price with very favorable terms to seller.”