A 29-unit property at 8101-8117 Orion Ave. in Van Nuys has sold for $17 million. Orion Business Park purchased the industrial property from Rexford Industrial Realty.
The asset is a 48,380-square-foot building near other multi-tenant industrial parks and only 2 miles from the Van Nuys Airport and 7 miles from the Bob Hope Airport in Burbank.
Lee & Associates’ Scott Caswell and Erica Balin represented the buyer in the sale. NAI Capital represented the seller.
“It is my belief that this great central location will continue to create strong demand and elevate in value as quality multi-tenant industrial parks are becoming increasingly hard to recreate,” Caswell said in a statement.
The industrial market has been incredibly tight in the San Fernando Valley. In the first quarter, the market saw a vacancy rate of 0.6%, according to data from Colliers. The asking rent for properties in the area was $1.66 a square foot on a triple net basis, up from $1.43 a square foot one year prior.
During the first quarter, the San Fernando Valley had an inventory of more than 109 million square feet of industrial real estate with more than 1.4 million square feet of additional industrial product under construction, according to Colliers data. It saw more than 544,000 square feet of new lease activity.