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Two Chatsworth industrial buildings trade for combined $63M
Neutraderm adds 59K sf building to Valley footprint; consortium buys 150K sf building
Two industrial buildings in the San Fernando Valley neighborhood of Chatsworth have traded in separate deals for a combined $62.5 million.
Cosmetics maker Neutraderm, based in Chatsworth, paid $21 million for a 59,400-square-foot manufacturing building at 20680 Nordhoff Street, the Commercial Observer reported. The seller was Xebec, based in Austin, Texas.
The deal works out to $354 per square foot. Brokers Erica Balin and Scott Caswell of Lee & Associates represented the buyer.
The purchase by Neutraderm puts its Chatsworth real estate footprint at 115,000 square feet, including its headquarters at 20600 Nordhoff and a building at 9000 Lurline Avenue.
In a separate deal, a joint venture between Beverly Hills-based Center Capital Partners, Authentic Capital Group in Malibu and New York-based TPG Angelo Gordon paid $41.5 million for a 150,000-square-foot industrial building at 9401 De Soto Avenue, the Commercial Observer reported. The seller was NBP Capital, based in Portland, Oregon.
The deal works out to $277 per square foot, or 80 percent more than the building sold for seven years ago. NBP Capital bought the building in 2017 for $23 million, or $153 per square foot.
Brokers Mark Esses and Keith Kleinman of California Realty Group represented the seller. Brokers Michael Longo, Barbara Perrier and Bennett Robinson of CBRE represented the buyers.
The building is fully leased to two tenants, including Align Aerospace.
The greater San Fernando Valley has an industrial vacancy of 1.6 percent, the lowest of the Los Angeles-area submarkets, as well as the lowest availability rate at 3 percent, according to a quarterly market analysis by CBRE. It also has among the highest average asking rates at $1.60 per square foot.
— Dana Bartholomew
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