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Tuesday, Feb 7, 2023

Lancaster Business Parks Acquired

Two adjacent industrial parks that occupy about 5 acres just off Sierra Highway in Lancaster have sold for $4.4 million. The properties were on the market just over five months. The nearly 68,000-square-foot Campus Business Park I and II were purchased by George Meshkanian of Cal-X Properties in Santa Monica from seller Ruben Urcis of UDC Properties in Culver City, according to real estate data provider CoStar Group Inc. The property consists of four, class B industrial buildings between East Avenue K6 on the north and East Avenue K8 on the south. The business parks are immediately east of Division Street. The buildings, ranging from 13,000 to 18,000 square feet, date to 2004 and they were 100 percent leased at the time of the sale, with median rental rates at 60 cents a square foot. Tristan Greenleaf of NAI Capital represented both sides in the deal that closed late last month.

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