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Tuesday, Oct 3, 2023

$13.9 Million Lease Signed For Simi Site

Appliance distributor absorbs Rexford’s 76,000 square feet.

Snyder-Diamond Corp., a distributor of kitchen appliances and bathroom fixtures, has signed a $13.9 million lease for a 76,000-square-foot building in Simi Valley.

The property, located at 2390 Ward Ave., includes 6,600 square feet of dedicated office space along with a fenced-in rear yard.  

The building is owned by Rexford Industrial Realty Inc.

The Lee & Associates LA North/Ventura brokerage team of Scott Caswell and Erica Balin represented landlord Rexford. Snyder-Diamond was represented by Ron Feder of Peak Commercial in the 10-year lease.      

“The same dynamics that are driving the market for Snyder-Diamond products are fueling unprecedented demand for the market’s limited supply of industrial space,” said Caswell in a statement. “This property’s location allows for expanded distribution capabilities that support their long-term growth in the Southern California region.” 

The space was for sale for about 30 days.

Caswell and Balin have a solid working relationship with Rexford and have worked on many sales and leasing transactions with the REIT.

“They’re an excellent client,” Caswell said. “They’re good to work with. They’re obviously aggressive seeing how much they’ve been buying, but they’re also good owners.”

Los Angeles-based Rexford has been very active in the San Fernando Valley. In recent months, Rexford has made myriad purchases, including a 117,000-square-foot industrial building located near Glendale for $43 million. 

In February, Rexford acquired a Santa Clarita warehouse as part of a five-piece portfolio it obtained for $170 million. 

In December 2020, the REIT acquired an industrial property portfolio in the Van Nuys Airport Industrial Center for nearly $155 million. The Van Nuys investment is comprised of 18 separate buildings totaling 426,466 square feet across 22.7 acres. That same month, as part of a two-property transaction, Rexford purchased a Sylmar property at 13943-13955 Balboa Blvd. for $42.6 million. 

The Ward Avenue lease fills a portion of the vacant square footage in the area as the market awaits the delivery of new inventory. According to Lee & Associates data, the Simi Valley/Moorpark submarket ended the first quarter with 162,127 square feet of vacant industrial space and a 1.2 percent vacancy rate. 

Caswell and Balin noted that demand will continue to outpace available properties in the region for sale or for lease.

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