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Tuesday, May 17, 2022

Multi-Tenant Industrial Site in Van Nuys Sells for $3 Million

A 16,230-square-foot industrial site in Van Nuys has sold for $3 million, or nearly $188 per square foot.Lee and Associates/North L.A. announced that its principals Scott Caswell and Erica Balin represented buyer Fox Capital and seller Kamat Family Trust in the transaction for 7020 Hayvenhurst Ave. It was a 1031 tax-deferred exchange.“It is very challenging to find any multi-tenant industrial buildings for sale in the San Fernando Valley,” Caswell said in a statement. “This project is centrally located with great access to Los Angeles and well suited to serve Van Nuys Airport.”Additionally, Caswell noted the easy access to the 405 and 101 freeways.The industrial market has been hot in the submarket throughout 2020. Recent comparable transactions include September’s sale of the 30,000-square-foot property at 7361 Ethel Ave. for nearly $5.7 million and October’s nearly $5 million sale of 7955 Haskell Ave., a 25,907 square-foot site.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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