A small freestanding industrial building in the city of San Fernando has sold for $1.7 million, or $309 per square foot.
Located at 758 Arroyo Street, the 5,500-square-foot warehouse is situated on a fenced and secured M2-zoned lot and features a flexible floor plan, three ground-level loading doors, and an open warehouse configuration that is divisible into two units. The property stands within proximity of community amenities including dining and has rapid access to the 118, 405, and 210 freeways.
Executive Managing Director Yair Haimoff and Senior Associate Barry Jakov of Spectrum Commercial Real Estate Inc., represented the undisclosed buyer in the transaction.
“There is currently an unprecedented lack of industrial inventory in the entirety of the San Fernando Valley,” Jakov said in a statement. “Our owner-user client was motivated by a competitive price, the attractive location and expanding business opportunities in the area.”
Vacancy in the East Valley’s industrial market stood at only 0.8 percent during the third quarter, according to Colliers International data. The average asking price for East San Fernando Valley industrial is $335 per square foot.