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Sunday, Mar 3, 2024

Van Nuys Warehouse Sells for $3.6 Million

Real estate firm Avison Young has brokered the $3.6 million sale of a 16,230-square-foot warehouse in Van Nuys. The property, located at 7727 and 7729 Burnet Ave., was sold by Los Angeles’ Burnet Investments LLC, which had been occupying the space for its janitorial-supply business, California Contractors Supplies Inc., since the 1970s. The buyer was JP Burnet of Los Angeles. Avison Young Principals Andrew Berk and Mark Evanoff, operating out of the company’s north Los Angeles office, represented the seller, while Berk also represented the buyer. “With the Los Angeles industrial market extremely tight with an approximately 2 percent vacancy, Avison Young had a strong amount of interest and multiple competing offers on the property,” Berk said in a statement. “The seller, through its subsidiary, was an owner-occupier at the facility for more than 40 years and recently ceased operations. The new owner plans to use a portion of the property for distribution use and will lease the remaining space.” The single-story building includes office space buildout, 32 parking stalls, a gated lot, 16-foot clear-height ceiling and two ground-level roll-up doors.

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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