Executive Vice Presidents David Young and Chad Gahr, SIOR with NAI Capital Commercial’s Investment Services Group completed the investment sale of a single-tenant industrial distribution facility totaling 146,516 square feet in Chatsworth, California. David and Chad represented both buyer and seller in the transaction. The sale price totaled $34,500,000 or $235 per square foot.

The distribution facility is located at 9140 Lurline Avenue within LA’s West San Fernando Valley industrial submarket. Built in 1974 and extensively renovated in 2016, the single-tenant facility features 13 covered dock-high doors, 8 load levelers, 2 ground level loading doors, 25-foot minimum clear height, 13,481 square feet of high image office space with Title 24 compliant LED lighting, heavy power, and a secure fenced yard.

The property is situated on 7.83 acres of MR2 zoned land in a prime location minutes from the State Route 118, 101 Highway, and the 405 Freeway. The building was 100%occupied at the close of escrow. The new owner plans to hold the asset as a long term investment.

David said, “Opportunities for investors to purchase single-tenant industrial buildings inthis market are extremely competitive due to strong demand and limited availability ofinvestment product.”

Chad added, “The sale price is indicative of the pricing levels we are seeing in the market, as the supply of investment grade industrial buildings for sale is low. Both buyer and seller were thrilled with this deal.”