Longpoint Secures $52M to Buy Industrial Park in LA
Prime Finance provided the loan for the fully leased industrial park in Los Angeles’ San Fernando Valley
Industrial real estate is the bet to make in Southern California.
Boston-based Longpoint Realty Partners has secured $52 million in acquisition funding to buy a fully leased industrial park in Los Angeles’ San Fernando Valley, Commercial Observer has learned. Prime Finance provided the three-year, floating-rate, non-recourse loan. JLL represented the borrower.
The Van Nuys Industrial Park includes four buildings totaling 84,346 square feet and two land parcels in the Van Nuys neighborhood. It is home to six tenants in the telecommunications, health services, nonprofit, trucking and logistics, car distribution and agriculture machinery, and equipment distribution industries.
On 11.75 acres, the industrial park is adjacent to the Van Nuys Airport at 16300-16210, 16251, 16201, 16141 and 16161 Raymer Street and 8085 Woodley Avenue. The four light industrial buildings were built between 1963 and 1974, with the two land parcels spanning 3.87 acres, and used to store automobiles and truck trailers.
Van Nuys Industrial Park is within the San Fernando Valley submarket, which, according to JLL research, had the most absorption of any region in L.A. in the first quarter of 2022. Total industrial vacancy in the submarket is 1.8 percent, and just 236,865 square feet of new space has been delivered since the first of the year, which included several new developments that were pre-leased.
The JLL team that represented the borrower was led by Greg Brown and Peter Thompson.
Gregory Cornfield can be reached at email@example.com.