VITAL STATISTICS
POWELL PLAZA
14200 Arminta St., Panorama City
Square Footage: 200,003
Deal Value: $90.2 million
CBRE’s Michael Bogle completed a record-breaking deal with the sale of 14200 Arminta. St. in Panorama City. The industrial property sold at $90,160,000, making it the highest price per square foot for a large building in the San Fernando Valley.
Bogle represented both the buyer and seller in this off-market transaction, with an established relationship on both sides. This deal was accomplished during a time when the debt market was very much in flux and in distress, yet the buyer, Rexford Industrial – recognized as one the leading industrial buyers in the San Fernando Valley area – approached this deal with confidence and agreed to the original asking price.
VITAL STATISTICS
3935-3949 Heritage Oak Court, Simi Valley
Square Footage: 186,726
Deal Value: $56.4 million
Newmark arranged the sale of 3935-3949 Heritage Oak Ct in Simi Valley. The industrial complex sold, off market, for $56.4 million or $302 per square foot. The property totals 186,726 square feet. Newmark’s John DeGrinis, Patrick DuRoss, Jeff Abraham represented the seller, Siena Flora Accents, Inc. The buyer was Rexford Industrial Realty. The industrial vacancy rate in the San Fernando Valley was around sub-1% at the time of this sale in July 2022. This is a rare property to meet the needs of industrial occupiers in the LA North market, specifically in Simi Valley, a business- friendly, amenity-rich and consistently ranked one of the safest cities in America.