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Friday, Nov 22, 2024

Industrial Firm Scores $6 Million in Simi Valley Sale Leaseback

A two-story Simi Valley industrial property has been sold in a leaseback transaction for $5.9 million.The class A warehouse, located at 2250 Agate Court, has been home to Milodon Inc., a design and manufacturing company of racing and marine equipment. Built in 1985, the structure sits on 1.47 acres in a master-planned business park.Milodon sold the building in combination with a long-term lease to continue occupying the 30,812-square-foot manufacturing facility. Stan Johnson Co.’s David Wirgler represented the buyer, an undisclosed individual investor whom Costar data identified as Michael Deangelo.“We were able to successfully negotiate a 10-year sale leaseback structure that allowed the seller to maximize value in today’s highly competitive market while providing the buyer a highly stabilized, long-term investment,” Wirgler, associate director at Johnson’s Newport Beach office, said in a statement. “The real estate fundamentals of the deal were excellent, and it was critical to ensure both parties were able to achieve their goals in a market that often places industrial buyers at a disadvantage to their seller counterparts.”Comparable Simi Valley industrial deals include the January  transactions of the 43,000-square-foot warehouse at 2279 Ward Ave., which sold for $6.9 million; and the 17,600-square-foot facility at 4450 Runway St., which sold for $3.3 million.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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