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Friday, Jun 2, 2023

Simi Valley Warehouse Changes Hands

A nearly 40,000-square-foot industrial building at 167 W. Cochran Street in Simi Valley has sold for $7.3 million. Bennett Robinson of CBRE represented the seller, Los Angeles-based real estate company Overton Moore Properties. The buyer, San Fernando Valley-based Nadavco LLC, was represented by Sam Wagner of Told Partners and Chris Swatosh of Pacific Partners Commercial Inc. Nadavco will also occupy the 37,050 square-foot building – the last to sell at a four-building industrial business campus. It features 5,000 square feet of office space, a storage yard, four loading docks, ample truck loading and a 28-foot clearance. “Opportunities such as this premier 8.5-acre industrial site in Ventura County do not come by often,” said Robinson. “Its accessibility to several submarkets makes it a prime location.” Class A industrial space has been scarce, driving lease rates up 3.8 percent year over year in the second quarter. According to Robinson, tenant renewals plus the e-commerce industry, which has aggressively acquired facilities for last-mile and other distribution purposes, have further driven out vacancies in the region’s industrial sector.

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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