Newmark[1] announces it has facilitated the sale of a 6.14-acre redevelopment opportunity in San Fernando Valley’s Sylmar for $24 million.
Newmark Vice Chairman John DeGrinis, Executive Managing Director Patrick DuRoss and Senior Managing Director Jeff Abraham represented the seller, Howmet Aerospace, Inc. and the buyer, Xebec Realty Partners.
“The North Los Angeles industrial market is one of the healthiest submarkets in the nation with tight barriers to entry,” said DeGrinis. “This property is ideally located to meet the growing last-mile demand within Los Angeles and easily serve the 2.1 million people that live within a 15-mile radius.”
The property, located at 12975 Bradley Avenue, measures 6.144 acres, and is currently improved with an approximately104,903-square-foot industrial building, which will be torn down in favor of a new modern high-bay Class A industrial building. The property is zoned M2, permitting a wide range of uses by right including wholesale, storage, limited commercial and manufacturing, and media products.
12975 Bradley Avenue is situated at the confluence of the I-5, I-405 and I-210 Freeways, providing easy access to numerous logistics and transportation hubs. The property is 45 miles from the Ports of Los Angeles and Long Beach, 30 miles from Los Angeles International Airport, 13 miles from Burbank Airport and 25 miles from Downtown Los Angeles. With a population of 3.6 million people within a 20-mile radius, the property is an ideal location for logistics and e-commerce tenants seeking to meet the ever-growing demand for last-mile delivery.
According to Newmark Research, the Los Angeles industrial market totals 1.05 billion square feet and has the second-lowest industrial vacancy rate in the U.S., at 1.2% as of the third quarter. Its vacancy rate has remained below 3.0% for 38 consecutive quarters. During the third quarter of 2021, quarterly net absorption totaled 3.4 million square feet, exceeding new construction deliveries by 131%. The Los Angeles North market is poised to lead absorption gains during the fourth quarter, as Amazon completes tenant improvement work on its new 1.5-million-square-foot Oxnard facility.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
[1]Dba Newmark Knight Frank in California
