Voyant Beauty has inked a deal for three industrial warehouses in Chatsworth.
The Chicago-based cosmetics firm leased the buildings with a combined 180,000 square feet at the Rexford Mason Business Center at 9200-9250 Mason Avenue, the Commercial Observer reported.
Brokers Erica Balin and Scott Caswell of Lee & Associates represented Voyant in the lease. Terms of the deal with landlord Rexford Industrial Realty, based in Brentwood, were not disclosed.
The cosmetics maker plans to move in early next year.
“We needed to prioritize operational efficiency,” Michael Partridge, head of L.A. operations for Voyant Beauty, said in a statement. “The new campus on Mason Avenue enables our team to condense most of our manufacturing to one site.”
Rexford also plans to renovate the warehouse complex, built between 1968 and 1980, according to its website. Details on the makeover were not available.
Voyant’s leases in the northwest end of the San Fernando Valley are just the latest in a series of industrial deals in Chatsworth.
Last month, locally based Neutraderm bought a 59,400-square-foot manufacturing building at 20680 Nordhoff Street for $21 million, or $354 per square foot. It joins two other properties the cosmetics firm owns on the same block.
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 deal worked out to $277 per square foot, or 80 percent more than the building traded for seven years ago.
The greater San Fernando Valley last month had 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.
Rexford is weathering a national warehouse slump by focusing on smaller buildings that average 26,000 square feet.
In June, the REIT’s warehouse vacancy was 2.7 percent, beating the overall Southern California infill market vacancy of 3.9 percent. Across the nation, the industrial vacancy was 7.1 percent, from 4.7 percent a year earlier.
— Dana Bartholomew
Read more
Commercial
Los Angeles
Two Chatsworth industrial buildings trade for combined $63M
Commercial
Los Angeles
Rexford weathers industrial slump by focusing on smaller warehouses
Commercial
Los Angeles
LA’s industrial vacancy ticks up as rents fall