A Valencia industrial building offering a combined 173,056 square feet of distribution and manufacturing space has sold for $20.7 million, according to listing agency NAI Capital Inc.
Executive Managing Director Chris Jackson and Executive Vice President Todd Lorber, both with NAI Capital’s Investment Services Group, completed the sale. Jackson and Lorber represented the seller, a private investor, as well as the Chicago-based buyer, First Industrial Realty Trust Inc.
The single-story building, located at 28545 Livingston Ave. in the Valencia Commerce Center, was vacant at the time of the sale. Built in 1999, the industrial venue has 22 dock high doors, four ground-level loading doors, and 4,000 amps of power. It also includes 14,320 square feet of office space.
The NAI Capital brokers, who are also currently marketing the property for lease on behalf of the new owner, envision the facility as perfect for filming, soundstage or prop warehousing, tapping into the Hollywood synergy in the Santa Clarita Valley, where about a dozen movie ranches are located.
“LA industrial remains the tightest in the nation,” Jackson said in a statement. “The industrial leasing market in the Santa Clarita Valley remains strong as San Fernando Valley industrial is at record levels – driving up occupancy and asking rents.”