A 142,000-square-foot industrial building in Chatsworth on nearly 7 acres has traded for $23 million, according to California Realty Group in Santa Monica.
PDX Industrial Investments of Portland, Ore. bought the building from L.A.’s Rexford Industrial Realty Inc., according to California Realty. The property is vacant but has been remodeled, and PDX plans to lease it.
Rexford, which bought the property for $14.1 million in 2015 when it was vacant, remodeled it and made a 63 percent profit on the sale, according to CoStar Group Inc. When Rexford bought it, the building was the former headquarters of adult novelties manufacturer Topco Sales, which had relocated to Simi Valley, according to news reports at the time.
The building, built in 1961, features ceilings with 28 feet of clear height, 12 dock-high and six ground-level loading doors, a high-performance sprinkler system and nearly 250 parking spots, according to CoStar.
Broker Mark Esses with California Realty negotiated the deal on behalf of PDX, while Patrick Du Ross, Jeff Abraham and John DeGrinis of Colliers International Inc. represented Rexford.