Jones Lang LaSalle’s JLL Capital Markets will arrange $52 million in acquisition financing for Van Nuys Industrial Park, a fully leased, value-add business park with four buildings totaling 84,346 square feet in Van Nuys.
JLL Capital Markets Senior Managing Director Greg Brown and Director Peter Thompson represented the borrower, Boston-based Longpoint Realty Partners, to place the three-year, floating-rate, non-recourse acquisition loan with Prime Finance.
The four light industrial buildings were constructed between 1963 and 1974. Situated on nearly 12 acres, the properties are located at 16300-16210, 16251, 16201, 16141 and 16161 Raymer St. and 8085 Woodley Ave. The property also includes two land parcels totaling 3.87 acres that are used as outdoor storage lots for automobiles and truck trailers.
Van Nuys Industrial Park has six tenants. The businesses include telecommunications, health services, car distribution, trucking and logistics and agriculture machinery and equipment distribution industries.
Van Nuys Industrial Park’s location makes it central for both freeway and airport access. According to JLL Research, the Greater San Fernando Valley industrial submarket had the most absorption of any region in Los Angeles in the first quarter of 2022. Total vacancy in the submarket is 1.8 percent with only 236,865 square feet of new space delivered this year thus far.