A six-building multitenant industrial business park in Van Nuys has sold for $19.3 million, or $247 per square foot.The warehouse park at 14723-14825 Oxnard St. sits on more than 3 acres and includes 73 single-story units totaling 77,790 rentable square feet in six buildings. Units range from 700 to 6,400 square feet. The property has a central location near the intersection of Oxnard Street and Kester Avenue near the 405, 101 and 170 freeways.NAI Capital Co-Chief Executive Chris Jackson, Executive Vice President Todd Lorber, Chairman Tim Foutz and Senior Associate Grant Bullen with NAI Capital’s Investment Services Group negotiated the sale of the industrial business park. NAI Capital represented both the seller, Rexford Industrial Realty Inc., and buyer ARKA Properties Group in the transaction.“This was an excellent opportunity for our client to buy a well-located multitenant industrial investment property in an incredible market,” Jackson said in a statement. “The San Fernando Valley industrial market consistently leads Los Angeles County in both rents and occupancy, making this an outstanding long-term investment.”“We continue to see strong demand from investors for industrial assets throughout the country. Our client considered this the right time to sell, as appetite for multi-tenant industrial product remains strong,” Lorber added.
Six-Building Van Nuys Industrial Park Sells for $19 Million
