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Saturday, Mar 2, 2024

Real Estate—Packaging Firm Boosts Warehouse Space With Purchase

A local manufacturer of industrial packaging has added a sixth facility in the San Fernando Valley, an expansion designed to accommodate the changing landscape for warehousing these goods. Marfred Industries based in Sun Valley acquired a 100,000-square-foot warehousing facility at 11500 Sheldon St., increasing the company’s warehousing capacity by one-third. For most of its history, family-owned Marfred has been a manufacturer and distributor of packaging materials. But in the past few years, the company has found that its customers prefer to warehouse their packaging materials with Marfred as well. “We’re one of the few companies that built a large business on warehousing products specially made for our customers, and that part of the business is mushrooming,” said Marvin Fenster, president and chairman of the company. What Marfred’s clients learned is that they can better utilize their production space for manufacturing instead of storing packaging materials. Marfred, which builds storage cost into its pricing structure, stores the packaging and delivers it to customers as needed. “Over the last two years, we went from about 20,000 square feet in dedicated warehouse space to 160,000 square feet,” Fenster said. Warehouse space currently accounts for about 300,000 square feet of the company’s 475,000 square feet of facilities in the Valley. Another warehouse is located in Las Vegas. Marfred’s six buildings are located in Lakeview Terrace, Pacoima and North Hollywood as well as Sun Valley. The company employs about 300 people. The purchase price of the new building, which is located on three acres of land and includes 18 loading-dock positions and 1,800 square feet of office space, was about $6 million. “It’s an investment for us,” Fenster said. “The company is family owned, so it makes sense for us to own our own real estate. We can control our own destiny.” Ross Thomas, a principal with Delphi Business Properties, represented Marfred in the transaction. Anthony P. Maniscalchi and Mike Maniscalchi of Stevenson Real Estate Services represented the seller, Molding Corp. of America. Woodland Hills Sale A private investor has acquired the 21,450-square-foot Brickcourt office building in Woodland Hills from Holualoa Realty Advisors. The purchase price for the property, at 20350 Ventura Blvd., was in excess of $3.5 million. “This is the third time I’ve sold the building in 10 years,” said Bruce Frasco, a broker with Charles Dunn Co., who represented the seller and the buyer, Barry Berkett. “Each time, there’s been a substantial increase in the price.” Tenants in the building, which is fully occupied, include WebMD and Lucent Technologies. Frasco will continue to serve as leasing agent for the property. On the Block A group of private investors has placed a 210,283-square-foot industrial building on the block in the city of San Fernando. The building at 675 Glenoaks Blvd. is listed for sale at $13.6 million or lease at 56 cents per square foot, according to officials at Delphi Business Properties, which is representing the property. The agents, Delphi’s David Hoffberg and Jerry Scullin, believe the property is among only a couple of buildings of its size offered for sale or lease in the San Fernando Valley in several years. The tilt-up structure with 16 truck loading positions, 45,000 square feet of office space and parking for 397 cars, is being vacated by its current tenant. Office Facelift Private investors have purchased a Camarillo office building with plans to pump about $500,000 into renovating the property. The 37,000-square-foot building, located on two acres of land at 333 N. Lantana St., sold for $2.5 million. It is located across from the Camarillo Outlet Mall. About 65 percent of the building is currently occupied. The new owners plan to upgrade the common areas and provide extensive tenant improvements to the offices. Tony Principe, a broker with Westcord Commercial Real Estate Services, represented the buyer and will also serve as leasing agent for the property. Carpenters Pension Fund was the seller. Tarzana Acquisition Michael Toth, an investor who owns a number of properties in the San Fernando Valley, has purchased a 23,000-square-foot office building in Tarzana for about $1.6 million. The building at 6047 Tampa Ave. is 98 percent occupied. Jeff Gershon of Told Partners represented Toth in the transaction. Told’s Sylvia MacAller and Randy Howard represented the sellers, Tampa & Topham Plaza. Sunland Strip Center Sold Private investor Bill Fox acquired the Sunland Auto Center for $1.2 million. The center, located at 9007 Sunland Blvd., includes about 17,000 square feet of retail space and is fully occupied. Jiffy Lube is the anchor tenant. Joe Lopez and Patti Kutschko of Westcord Commercial Real Estate Services represented the buyer and the seller, Sun Pen Investments. Closer to Home Planned Estate Services leased about 4,000 square feet of office space at 340 N. Westlake Blvd. in the Westlake Office Park. Officials at the financial planning and insurance company made the move from Pasadena because they live in the Conejo Valley, said Richard H. Linsday, managing principal for PES. The company continues to keep a small Pasadena office along with offices in Mission Viego, San Diego and Las Vegas. “I’m still, ‘Have gun, will travel,'” said Linsday. “But the times I’m able to work in Conejo Valley, it’s nice to have a 10-minute commute.” Deron White, a broker with CB Richard Ellis Inc., represented PES. Corbett Richmond at NAI Capital Commercial represented the landlord, Sheffield Properties of Illinois. Staff reporter Shelly Garcia can be reached at (818) 710-2731 or by e-mail at sgarcia@sfvbj.com.

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