A new industrial park is set to open in the San Fernando Valley. Development Partners LLC expects to complete construction next month on a $15 million business park in Chatsworth. The Winnetka Business Center at Winnetka and Corisco Avenues, totals 175,000 square feet and includes five buildings. The center, on about eight or nine acres of land, was formerly the site of a Sears distribution center. Development Partners acquired the property from Sears and began construction about four months ago. The buildings range from 17,000 square feet to 51,830 square feet. Two of the largest buildings sit side by side and can be combined for a single buyer, said Craig Weisman, a broker with TOLD Partners, who along with Michael Sheptenko and Brennan Maley, is marketing the property. Each of the free-standing buildings features high clearance for loading and the complex is secured by an electronic gateway. Sale prices for the buildings range from $88 to $99 per square foot, depending on the size. Lease prices range from $.69 to $.77 per square foot, triple net, Weisman said. Although office vacancy rates around the San Fernando Valley have been inching upward as the economy has slowed, vacancy rates for industrial properties have remained around the 4 percent level. But Weisman said that even in this sector, brokers have seen a bit of a slowdown. One building is currently in escrow, Weisman added, to an aerospace company. Shamrock Crosses Borders Shamrock Capital Advisors in Burbank has extended its Genesis LA Real Estate Fund to projects throughout Los Angeles County. The fund, which has been in existence for about one year, provides gap financing to development projects located in low to moderate income neighborhoods. The fund finances projects ranging from $2 million to $10 million. According to the financiers, an affiliate of Shamrock Holdings of California Inc., which is the investment arm of the Roy E. Disney family, the company had to turn away good opportunities in its first year of operation because they were projects located outside the borders of the city. Extending its reach would allow the company to finance projects in incorporated cities such as San Fernando which were excluded before. Sylmar Deal L.A. Records Management Inc., which provides document, file and box storage and retrieval services for businesses, has leased a 108,288-square-foot industrial property in Sylmar in a move to expand its space. The company will occupy a facility at 15624 Roxford St. in Gateway Industrial Park, which has just been completed. The 10-year deal is valued at more than $8 million. L.A. Records plans to sublet its current facility, a 50,000-square-foot space in sun Valley. Chuck Carmichael, a broker with NAI Capital Commercial, represented the tenant, and will also market the company’s sublet. Barbara Emmons of CB Richard Ellis and Chris Sullivan of Daum Commercial Real Estate Services represented the landlord, World Oil Corp. Quest Stops in Northridge Quest Diagnostics has signed a lease for 36,346 square feet of space at Harman International Business Campus in Northridge. The three year transaction is valued at $2.8 million. Quest, a provider of diagnostic testing and information based in Teterboro, N.J., will use the space to expand its Van Nuys testing facility, one of 30 laboratories the company operates in the country. Ron Wade, Mark Leonard and Matt Heyn at Cushman & Wakefield, represented the landlord, Northridge Business Center LLC. The tenant was represented The by Jerry Porter of CRESA Partners. Santa Clarita Land Sale Public Storage Inc. has acquired a 12.6 acre of land at Via Princessa and Highway 14 in Santa Clarita. The terms of the deal were not disclosed. Public Storage plans to build a storage facility on the property. Peter Lund, Scott Crane, Kevin Kennedy and Ken Kennedy at NAI Capital Commercial represented the landlord, American Realty Trust. Public Storage was represented by Darryl Finesilver of Century 21 Palmeri. Burbank Lease Bexel Corp. , a television production rental company, has leased 42,000 square feet of space at 801 South Main St. in Burbank. The five-year lease is valued at $4.2 million. Bryan Lewitt of CRESA Partners represented the tenant. The landlord, Burbank Production Plaza Ltd. represented itself. Universal City Lease Gener8xion Entertainment leased 18,000 square feet of office space at 3400 W. Cahuenga Blvd. in Universal City. The five-year deal is valued at $2.25 million. Paul Stockwell and Will Adams at Julien J. Studley Inc. represented the landlord, Cahuenga Investors, LLC. Brad Wilson with Grubb & Ellis represented the tenant. Housing Shortage California building industry executives placed the blame for the housing shortage on state and government and regulatory agencies during an economic summit of homebuilders held at Walt Disney Studios earlier this month. The California Building Industry Association was one of several groups from labor, business and the political arena invited to the entertainment giant’s offices to discuss ways to jump start the state’s economy. Mick Pattinson, president of the CBIA, told the group that in 2000 California homebuilding fell 40 percent short of the state’s needs. “Much of our state’s housing woes are the direct result of failed regulatory and legislative policies that can and must be corrected,” Pattinson said, “from excessive litigation that has stifled condominium production, to fiscal constraints that force cities and counties to favor retail developments over housing.” Senior reporter Shelly Garcia can be reached at (818) 676-1750, ext. 14 or by e-mail at [email protected].
