Warehouse In Demand

A 22,440-square-foot industrial building in the city of San Fernando has sold for $5.6 million, or $248 per square foot.The multitenant warehouse, located at a business park addressed at 571-595 Fourth St., lies within the East San Fernando Valley region.Built in 1962, the single-story edifice features six, 3,740-square-foot units. The building saw 50 percent occupancy at the close of the sale.NAI Capital Executive Directors David Young and Chad Gahr orchestrated the deal on behalf of both buyer, a family trust, and seller, a limited partnership.“Opportunities for owner-users to purchase multi-tenant industrial buildings in this market are extremely competitive due to strong demand and limited availability of this product type,” Young said in a statement.Recent industrial sales in the area include 426 W. Cypress St. in Glendale, which sold earlier this month for $3.8 million; and the North Hollywood property at 7129 Vineland Ave., which sold last month for $3.4 million.