Neutraderm Buys San Fernando Valley Facility for $21M
By Nick Trombola July 25, 2024 6:16 pm
reprints
If there’s one thing Southern California needs, it’s more skin care products — and cosmetics manufacturer Neutraderm is rushing to fill the demand.
The company has expanded its industrial footprint in Los Angeles’ San Fernando Valley with its purchase of 20680 Nordhoff Street in Chatsworth for $21 million. The seller is privately held real estate firm Xebec, property records show. Erica Balin and Scott Caswell of Lee & Associates represented the buyer in the deal.
The property joins two others nearby owned by Neutraderm: 9000 Lurline Avenue and the company’s current West Coast headquarters at 20600 Nordhoff Street. Together, they now form a three-building flagship complex totaling 115,000 square feet. Neutraderm moved into the area in 2009, according to the company.
“We are seeing a major influx of companies seeking innovative manufacturing spaces as they expand in Southern California,” Balin said in a statement. “This submarket is not only attracting new companies; those that are already here are seeking creative ways to expand their footprint and plant their flag firmly in the San Fernando Valley for the long term.”
With an overall vacancy rate of just 1.6 percent, the industrial market in the San Fernando Valley is among the tightest in Southern California, according to a recent market analysis by CBRE (CBRE).
Not surprisingly, then, Neutraderm isn’t the only company active in the region lately. A partnership among Center Capital Partners, Authentic Capital Group and TPG Angelo Gordon acquired a 150,000-square-foot facility in Chatsworth from NBP Capital for $41.5 million, or about 80 percent more than NBP paid for it in 2017.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
