A multitenant industrial building totaling 48,394 square feet in Van Nuys has sold for $17 million, or $351 per square foot.
NAI Capital Commercial CEO Chris Jackson, Executive Vice President Todd Lorber and Chairman Tim Foutz represented the seller, Rexford Industrial Realty Inc., in the transaction. The buyer was Orion Business Park LLC.
The multitenant industrial building is located at 8101-8117 Orion Ave. Built in 1978, the site consists of 29 tenant spaces ranging from 1,000 to 4,000 square feet. The building features 13’ clear height ceilings and 25 ground-level loading docks.
The property is in a prime transportation corridor on Orion Avenue and Cabrito Road next to the 405 freeway, between the 101 freeway to the south and 118 freeway to the north.
The building was approximately 93% leased at the close of escrow. The new owner intends to lease up the remaining vacancy and hold the asset as a long-term investment.
“After holding Orion Avenue for 10 years, our client decided this was an excellent time to sell this well-located multitenant industrial investment property in an incredible market,” Jackson said. “The San Fernando Valley industrial market consistently leads Los Angeles County in both rents and occupancy, making this an outstanding long-term investment for the new owner.”