Burbank-headquartered Alexander Henry Fabrics Inc. has purchased a local warehouse for $4.3 million, or $287 per square foot, according to NAI Capital, which helped broker the sale.
Senior Vice President Adam Comora and Associate Paul Kurkjian with NAI Capital’s Encino office represented the sellers, Shaunt Berberian and Maggie Zada. The warehouse was 100 percent occupied at the time of the sale.
Built in 1957, the single-story, 15,000-square-foot industrial structure, located at 301 S. Flower St., is situated on a 26,761 square foot lot. The Burbank warehouse features ground-level loading doors, bow truss roof, three dock-high loading positions, and approximately 4,500 square feet of office space.
The NAI brokers identified a scarcity of industrial inventory as the prime reason this property was able to fetch such a high price.
“We are seeing strong demand from investors and users to purchase industrial assets in the San Fernando Valley,” Comora said. “The East San Fernando Valley in particular is one of the most sought- after submarkets in the region, with sales prices at record levels. Good product is in short supply.”