A pair of industrial properties in North Hollywood have sold for a combined $21.4 million, according to a Lee & Associates LA North/Ventura statement.
The assets were a two-building property at 6850 Vineland Ave. and a one-building property at 13401 Saticoy St.
Vineland Group Holdings owned the Vineland property and sold it to an LLC connected to LaTerra Development. The 13401 Saticoy site was sold by Pine Investment Partners LLC to 625 South Pacific Avenue LLC.
6850 Vineland Ave., which covers 32,514 square feet, sold for $10.8 million. 13401-13431 Saticoy St., which spans 33,505 square feet, sold for $10.6 million.
Lee & Associates LA North/Ventura principals Scott Caswell and Erica Balin represented the buyer and seller in the sale of the Vineland property, as well as representing the seller in the Saticoy transaction. CBRE’s Greg Barsamian represented the buyer of 13401 Saticoy.
“These sales alone clearly show investors are placing a higher value in multi-tenant industrial buildings and see a future of continuing increases in rent,” said Caswell in a statement. “This is truly a defining moment in the valuation of multi-tenant industrial sales as the rent demand increases. We are seeing that investors are finding smaller tenant rents will only continue to climb as quality multi-tenant properties continue to be rarer to find and costlier to build.”
The North Hollywood area has seen a high demand for quality industrial investments as investors move away from the office and retail sectors. In the last quarter alone, both Caswell and Balin have sold and acquired more than $60 million in industrial investments in the San Fernando Valley and Santa Clarita.