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Wednesday, Jul 6, 2022

Industrial Park Near Van Nuys Airport Sells for $85 Million

A 13.4-acre property with five buildings and two land parcels located near Van Nuys Airport has sold for $85 million. 

A 13.4-acre property with five buildings and two land parcels located near Van Nuys Airport has sold for $85 million.

Boston-based Longpoint Realty Partners bought the industrial park from a private ownership group. The assets, originally built in the 1960s and 1970s, total 95,600 square feet.

The purchase includes a 33,000-square-foot warehouse at 16251 Raymer St.; a 15,900-square foot industrial facility at 16161 Raymer St.; a 14,700-square-foot industrial property at 16300-16310 Raymer St.; a 20,000-square-foot industrial asset at 16201 Raymer St.; and a 12,000-square foot restaurant building at 16320 Raymer St.

In addition to the buildings, Longpoint picked up a 2.5-acre land parcel at 16141 Raymer St.; and a 1.4-acre land parcel at 8085 Woodley Ave.

Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller.

JLL Capital Markets arranged $52 million in acquisition financing on behalf of Longpoint.

 

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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