A five-building industrial portfolio has sold in Pacoima for $16.3 million.
The properties consist of single-story units totaling roughly 80,000 square feet. The addresses are 11011, 11015, 11019, 11021 and 11023 Glenoaks Blvd.; and 12666, 12670, 12674, 12770 and 12780 Pierce St.
The buildings are currently 100 percent occupied.
Chase Partners acquired the portfolio from a private local family.
Both buyer and seller were represented by Newmark’s Executive Managing Director John DeGrinis and Senior Managing Directors Patrick DuRoss and Jeff Abraham.
“These properties are unique in that they were built and extremely well managed by the same family for over 30 years,” DuRoss said in a statement. “The buildings are broken up into multi-tenant units, with a variety of companies that have occupied the spaces for many years. It is becoming increasingly challenging to build multi-tenant properties like this due to a rise in construction costs. Additionally, the demand for smaller industrial units from tenants has continued to grow while availability of these size units is almost non-existent.”
David Parker, president of Chase Partners, added: “This acquisition significantly increases our footprint in the San Fernando Valley.”
Alongside its new acquisition, Chase Partners is actively seeking additional product for its Logistics Fund I, which was launched earlier this year.