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Thursday, Nov 30, 2023

Real Estate—Santa Clarita Valley to Get Even More Industrial Space

It seems that when it comes to the Santa Clarita Valley, you can never have too much industrial space. Spirit Properties is breaking ground on what it claims will be the largest new business park developed in Los Angeles County in the past five years. The 240-acre industrial park will accommodate 3 million square feet of space. Spirit will market land parcels along with buildings and build-to-suit facilities for sale and lease. It is located near the intersection of Ruether Avenue and Redview Drive. While industrial leasing has slowed somewhat from the frenzied pace of the last several years, vacancy rates remain low. In Santa Clarita, vacancy levels have remained at 4 percent over the past three years, despite the addition of nearly 3 million square feet of space, according to Jim Linn, a broker with Grubb & Ellis, who is marketing the development with Nigel Stout. Spirit, a Santa Clarita-based developer, acquired the property several years ago and hired Fairway Commercial Partners in Valencia to build and manage the complex on a fee basis. Parcels will range from one to 40 acres. The company is planning to construct three buildings, a 48,000-square-foot facility that can be divided for multiple tenants, a 37,524-square-foot facility and a 33,623-square foot facility for sale or lease. The complex, named Centre Pointe Business Park, will also offer build-to-suit facilities. The developers expect the project to provide 5,000 jobs. Leonard Exits Mark D. Leonard, a principal and senior vice president with Trammell Crow Co., has left the firm. Leonard, who had been responsible for a number of the company’s San Fernando Valley developments, said he is doing some independent brokerage work and residential development. “I will resurface in a more public way later this year,” Leonard said. In the meantime, he is enjoying some leisure time and travel, including a short jaunt to Philadelphia recently to watch the Los Angeles Lakers in their winning series of games against the Philadelphia 76ers. Trammell Crow is one of the current bidders for the 3.2-acre redevelopment project at the site of the old police headquarters in Burbank. The company is also renovating the former Marquardt industrial facility in Van Nuys. Thousand Oaks Sale RVL Packaging has acquired 2.6 acres in Thousand Oaks for $775,000. The company will build a 50,000-square-foot facility for use as administrative offices on the property. Santa Fe Trust, the seller, was represented by Cheryl Richmond, Cory Richmond and Marc Riches of NAI Capital Commercial. The buyer was represented by Tony Buccola of the Buccola Co. Calabasas Lease Fitness Education Worldwide Inc., an education center for personal trainers and rehabilitation facility for athletes, has leased 15,080 square feet of R & D; space at Calabasas Tech Center. Fitness Education renovated the facility, at 26630 W. Agoura Road to include gyms and training rooms as well as offices which the company will use for its administrative departments. Terms of the lease were not disclosed. Ed Ball and Joel Hayes of NAI Capital Commercial represented Fitness Education. The landlord, Arden Realty Limited Partnership, was represented by Michael Slater and Tom Dwyer of CB Richard Ellis. TO Sighting Opnext Inc., an optical research company, has leased 5,597 square feet of office space in Thousand Oaks. The facility, located at 225 West Hillcrest Drive, will be used for research. The five-year lease was valued at $766,653. Sam Monempour of Grubb & Ellis represented Opnext in the transaction. The landlord, 225 West Hillcrest LP, was represented by Cheryl Richmond, Cory Richmond and Marc Riches of NAI Capital Commercial. Oakwood Remodel Two Valley apartment complexes built in the 1970s are getting face-lifts valued at a combined $35 million. Oakwood Worldwide is taking hammer and nails to the Oakwood Woodland Hills, an 883-unit complex at 22122 Victory Blvd. and Oakwood Toluca Hills, a 1,151-unit complex at 3600 Barham Blvd. The two complexes were among the first resort-style apartments to open in the Valley, which has since added scores of such developments. Ribbon Cutting Investment Development Services Inc. cut the ribbon on its $50 million Westlake North Business Park in a grand opening fete that included a photography exhibit by Calabasas nature photographer Tom Garnache. The 330,000-square-foot complex at Russell Ranch Road is 60-percent preleased to tenants including Homestore.com, Genuity Solutions Inc. and Allied Interstate Inc. The photos will remain on permanent exhibit at the complex. News and Notes KKJ Capital Partners LLC has leased 24,120 square feet of industrial space at 6869 and 6875 Tujunga Ave. in North Hollywood for industrial use. The deal is valued at $1.1 million. Loehmann’s Plaza in Reseda is getting two new tenants. Subway leased 1,031 square feet and Starbucks rented 1,726 square feet at the shopping center. Senior reporter Shelly Garcia can be reached at (818) 676-1750, ext. 14 or by email at sgarcia@sfvbj.com.

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