A more than 121,000-square-foot industrial building has sold in the San Fernando Valley for an undisclosed price, according to Coldwell Banker Commercial Advisors in Glendale.
In what is one of the year’s largest deals so far in terms of square feet, according to Coldwell Banker, Selective Real Estate Investments of Encino bought 21314 Lassen St. in Chatsworth, a one-story property built in 1971 that sits on more than 5 acres.
While Selective would not disclose the purchase price, the company’s criteria for investment in single properties are those valued between $3 million and $20 million, according to its website.
According to Coldwell Banker, Selective has owned and redeveloped industrial and retail properties locally, including the former AMF Rocket Bowl and LA Fitness on De Soto Avenue in Chatsworth. It redeveloped those into restaurant-based retail properties.
Coldwell’s Greg Barsamian, managing principal, Michael Neil, first vice president and Mike Centurioni, first vice president, negotiated the deal on behalf of the seller. According to CoStar Group Inc., the property was owned by a limited liability company under the name Dimtam. Selective was represented by Ron Feder of KW Commercial of Calabasas.
Delta Tau Data Systems Inc., which makes motion controllers used in manufacturing, leases the front 88,000-square-feet of the building, according to Feder. The company was bought in 2015 by Omron Corp. in Kyoto, Japan, according to Omron’s release on Delta Tau’s website. Feder is handling leasing to fill the building’s remaining 40,540 square feet, and said that Selective plans to make some improvements to the building.
“Chatsworth is a supply constrained market with upside and should benefit as the Warner Center industrial base shifts in its transition to housing,” said Brian Fagan, managing partner at Selective, in a statement.