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Friday, Mar 29, 2024

San Fernando Warehouse Fetches $5.6 Million

A 22,440-square-foot industrial building in the city of San Fernando has sold for $5.6 million, or $248 per square foot.The multi-tenant warehouse is located in a business park at 571-595 Fourth St.Built in 1962, the single-story building features six units, each with 3,740 square feet. The building was 50 percent occupied at the close of the sale.NAI Capital Executive Directors David Young and Chad Gahr orchestrated the deal on behalf of both buyer, a family trust, and seller, a limited partnership.“Opportunities for owner-users to purchase multi-tenant industrial buildings in this market are extremely competitive due to strong demand and limited availability of this product type,” Young said in a statement.Recent industrial sales in the area include the 14,818-square-foot warehouse at 426 W. Cypress St. in Glendale, which sold earlier this month for $3.8 million; and the North Hollywood property at 7129 Vineland Ave., which sold last month for $3.4 million.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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