Real Estate Quarterly Submarkets

Conejo Valley Office vacancy loosened to 12.7 percent compared to 11.5 percent the previous quarter, and tenants gave back 81,300 square feet. However, asking rates continued up to $2.73, a gain of 23 cents in the last year. In the industrial market, 130,700 square feet were sold or leased during the quarter. Main Events • The Village at Moorpark, a 129,374-square-foot shopping center at 706 W. Los Angeles Ave. in Moorpark, sold for $20 million. • Stag Industrial Inc. sold two industrial buildings in Camarillo for $88 million. 3001 Mission Oaks Blvd. totals 308,780 square feet, and 3175 Mission Oaks Blvd. has 425,039 square feet • Barefoot Dreams, a lifestyle product manufacturer with licenses from Burbank-based Walt Disney Co., leased 50,708 square feet at 2595 Conejo Spectrum St., a new building at Rexford Industrial Realty’s Conejo Spectrum Business Park in Thousand Oaks. Financial terms of the lease were not disclosed. Santa Clarita Valley Office vacancy shrank in the quarter to 11.7 percent – a drop from 15.3 at the end of last year. Office tenants took 77,500 square feet, according to Colliers International data, while asking rents edged higher to $2.70. In the industrial market, 392,100 square feet space were sold or leased. Main Events • Tarzana real estate firm Gelt Inc. sold Monterra Ridge Apartments at 28085 Whites Canyon Road in Santa Clarita for $62.5 million. Culver City-based BAG Investments bought the 232-unit property. • A private investor paid $2 million for 28090 Hasley Canyon Road in Castaic, which has a lease commitment from Jack in the Box until 2027. • 24/7 Events Inc., an event rental company, leased 50,930 square feet at 27788 Hancock Parkway in Valencia, a newly constructed building at Valencia Commerce Center. • Illumination Dynamics became the first tenant at the Needham Ranch complex in Santa Clarita, taking 67,600 square feet facility at 21335 Needham Ranch Parkway. Antelope Valley Vacancy fell to 1.5 percent compared to 2.4 percent the previous quarter. Asking rents for industrial space climbed to 69 cents compared to 55 cents for the same quarter a year ago. Industrial tenants absorbed 56,560 square feet. In the office market, vacancy came in at 3.6 percent. Main Events • Sinclair Printing sold the 130,392-square-foot warehouse at 600 W. Technology Drive. in Palmdale to Greenlaw Partners for $15 million. Days later Amazon.com Inc. announced it will establish a Delivery Services Partner center at the location to distribute packaged in the Antelope Valley. • The retail building housing an El Pollo Loco restaurant at 42839 10th St. West in Lancaster sold for $3.3 million. The 2,973-square-foot store is in a Costco-anchored shopping center. • A 7,000-square-foot industrial service building at 633 Columbia Way in Palmdale sold for $1.2 million. San Fernando Valley Valley office rents were unchanged during the first quarter at $2.70 while tenants vacated 110,100 square feet of space. That pushed the vacancy rate up to 11.6 percent, compared to 11.1 percent the previous quarter, according to Colliers International data. Developers have an impressive 343,000 square feet of office under construction. In the industrial market, 800,300 square feet were leased or sold during the first quarter while vacancy increased to 1.2 percent. Industrial lease rates were 91 cents a square foot, a penny less than the previous quarter but 14 cents, or 18 percent, higher than a year ago. Developers have 332,300 square feet of industrial space under construction. Main Events • Blackstone acquired two adjoining buildings in Van Nuys for $83 million. Both buildings share the 8201 Woodley Ave. address and total 290,254 square feet. Realty Bancorp Equities in Woodland Hills sold the buildings, which are leased to Micro Solution Enterprises and Blagi Bros. • Dunya Properties paid $4.3 million for a 5,025-square-foot office building at 22736 Vanowen St. in West Hills. Fields Investments sold the building, which was 71 percent occupied at time of sale. • The 48-unit multifamily complex at 5911-5917 Reseda Blvd. in Tarzana sold for $15.1 million in an all-cash transaction to Interstate Equities Corp. The seller was Lion Real Estate Group. • U.S. Postal Service has leased a 52,000-square-foot industrial building owned by Bolour Associates Inc. at 21200 Oxnard St. in Woodland Hills. It will become a sorting center and post office. Financial terms were not disclosed. • An industrial building with 17 tenants at 13026 Saticoy St. in North Hollywood sold for $5.7 million to Harry Marks Inc. of Van Nuys. • Century Park Partners Inc. paid $10.5 million for the 22,237-square-foot industrial property in the Northridge Business Centre at 19851-19853 Nordhoff St. The property is occupied by the federal General Services Administration. • Brentwood-based Champion Real Estate Co. acquired Valleywood Apartments, a 42-unit multifamily property at 17806 Lassen St. in Northridge for $14.9 million. • 1st Choice Delivery signed a three-year lease on more than 25,000 square feet of warehouse space at 635 8th St. in San Fernando. Financial terms were not disclosed. Burbank and Glendale The numbers were all up in the Tri-Cities, with Burbank office vacancy increasing to 9.1 percent during the first quarter compared to 8.1 percent at the end of last year. Burbank tenants took 58,100 square feet off the market while rents increased to $3.61, up 3 cents in the last year. In Glendale, tenants absorbed a massive 145,500 square feet of office space, causing vacancy to lower to 15.1 percent. Glendale office rents have gained 20 cents in the last year to $3.23. Main Events • A pair of research-and-development flex buildings totaling 67,377 square feet at 1919 W. Empire Ave. and 1830 Valpreda St. in Burbank sold for $16.5 million. Buyer 4401 Wilshire LP plans on occupying the building with its media business. • A private family trust paid $28 million for the 60-unit multifamily complex at 221 N. Cedar St. in Glendale. The price equals $467,000 per unit. • A private owner/user has purchased a music studio at 435 S. San Fernando Blvd. in Burbank for $3.35 million. Ocean Studios California sold the vacant building. • Yosemite Gardens, a 50-unit multifamily complex at 1580 Yosemite Drive in Glendale, sold for $15.5 million, or $310,000 per unit. • A private investor bought the 20-unit Doran Lofts apartments in Glendale for $12.6 million. The project was originally developed as condos. • Starpoint Properties sold Scott Road Terrace Apartments, a 33-unit multifamily property in Burbank, to a private investor for $10.9 million. The property is located at 1720 Scott Road and totals 24,078 square feet. • Retail storefront property with 7,284 square feet at 325-327 N. Brand Blvd. in Glendale sold to Galicia Properties for $3.6 million. The seller was Haldeman J1 Exempt Trust.