An industrial-minded development site at 28541 Witherspoon Parkway, located in the master-planned Valencia Commerce Center, has closed for $9.5 million. The parcel consists of nearly 5.5 acres.
Jim Ebanks and Lauren Hunt of Realty Advisory Group Inc.’s LA North represented the seller, Witherspoon & Penn Properties. Mark Repstad, also formerly a broker with Realty Advisory Group, represented the buyer of the property, SF-540 Witherspoon.
“The L.A. Northwest region market is a mature industrial market with many diverse uses such as manufacturing, entertainment, distribution, biomedical technologies and other high-tech operations,” said Realty’s Senior Director Ebanks in a statement. “Over the course of many years, the diversity of users has also attracted companies of all sizes. The property has outstanding access to Interstate 5 and also features panoramic views across the Santa Clarita Valley.” The industrial real estate market in Santa Clarita Valley has remained white hot, even during the pandemic year. Last year, Amazon.com Inc. grabbed nearly 200,000 square feet at two different industrial parks in Valencia while Trammel Crow Co. and Clarion Partners’ The Center at Needham Ranch is currently cultivating phase II of its industrial park with 1 million square feet going under construction this summer.