 A 104,903-square-foot industrial building in Sylmar has sold for $24 million, or roughly $91 per square foot.
Dallas-based Xebec Realty Partners bought the property at 12975 Bradley Ave. with an eye toward redevelopment. Pittsburg-based Howmet Aerospace sold the 6-acre site.
The existing structure – which was built in 1966 and renovated in 1972 – will be razed to make way for a new modern high-bay class A industrial building. The property is zoned M2, permitting a wide range of uses including wholesale, storage, limited commercial and manufacturing, and media products.Â
Newmark Vice Chairman John DeGrinis, Executive Managing Director Patrick DuRoss and Senior Managing Director Jeff Abraham represented both seller and buyer.
“The North Los Angeles industrial market is one of the healthiest submarkets in the nation with tight barriers to entry,” said DeGrinis in a statement. “This property is ideally located to meet the growing last-mile demand within Los Angeles and easily serve the 2.1 million people that live within a 15-mile radius.”
The property is situated near the 5, 405 and 210 freeways, providing easy access to numerous logistics and transportation hubs.
This property marks the second Sylmar site for Xebec, which already planned to build two warehouses totaling 600,000 square feet on a 28-acre property at 15827 Roxford St. that it bought in 2020 for $92 million.