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Airport Adjacent

Properties near Valley airfields command premium prices.

SFVBJ Digital Edition | By Michael Aushenker Staff Reporter

The San Fernando Valley’s industrial real estate market has flourished during the coronavirus pandemic – especially for properties near airports.

While the Valley’s two major airfields, Hollywood Burbank Airport and Van Nuys Airport, have seen numerous industrial deals in their environs, two epitomize the trend. Overton Moore Properties and Article rank 1 Feb 2021 SFVBJ Digital Edition By MICHAEL AUSHENKER Staff Reporter PHOTOS BY THOMAS WASPER Invesco Real Estate’s Avion Burbank development on 60 acres will add 18 buildings with 1.25 million square feet to the East Valley’s inventory. And Rexford Industrial Realty Inc. purchased a 19-building portfolio in Van Nuys for nearly $155 million.

“There is unprecedented demand for class A industrial space driven by large entertainment and content firms and their supply chains,” said Matt Hargrove of CBRE Group, the leasing agent for Avion Burbank.

“The market is really hungry for this type of smart, integrated facility solution.”

In a year when aviation took a dramatic nosedive, real estate surrounding San Fernando Valley airports received high interest from investors and property managers during 2020. The Valley’s major airfields, Hollywood Burbank Airport and Van Nuys Airport, have seen numerous industrial deals in the immediate environs. However, two deals stand out because of sheer size – the construction of the Avion Burbank development and Rexford Industrial Realty Inc.’ s purchase of a portfolio in Van Nuys.

Burbank’s new inventory

Developed by Overton Moore Properties and Invesco Real Estate, Avion Burbank officially broke ground in October 2019. The mixed-use business park will include 18 buildings with 1.25 million square feet of creative industrial, creative office and retail space along with a 150-room hotel. Development of the project advanced after Overton Moore purchased the property in 2016 from the Burbank-Glendale-Pasadena Airport Authority and received approval from Burbank City Council in 2019.

Located on 60 acres at the intersection of Hollywood Way and San Fernando Road, Avion Burbank is surrounded by multiple transit options in addition to the airport, such as a Metrolink stop, multiple bus lines and freeway access.

The developers also plan to abide by environmentally friendly green rules. Avion Burbank will be LEED-certified property with 115 level 2 electric vehicle chargers plus room to add 62 parking stalls and truck loading docks for future EV chargers.

“Avion Burbank will offer users a unique environment that incorporates state-of-the-art buildings situated in an interactive work-life environment,” said Overton Moore Chief Executive Timur Tecimer in a statement at the time of the ground-breaking. “This innovative campus will assist companies in recruiting and retaining the best talent.” Added Matt Hargrove, vice chairman of CBRE, the brokerage leasing out the spaces at Avion: “The market is really hungry for this type of smart, integrated facility solution. … There is unprecedented demand for class A industrial space driven by large entertainment and content firms and their supply chains. The creative office product which is for sale or lease will provide owner-users with a unique opportunity to create a design-to-suit office experience all within a multi-modal master planned setting. With its scale and variety, we see a huge opportunity for Avion Burbank.”

Van Nuys value

In what Newmark broker John DeGrinis believes was the biggest North Los Angeles industrial acquisition of 2020 – closing right in December – Rexford Industrial paid nearly $155 million, or $325 per square foot, in cash for a 19-building, 24.3-acre industrial portfolio totaling nearly 500,000 square feet in Van Nuys.

DeGrinis’ Newmark team represented both buyer and seller in the deal for Van Nuys Airport Industrial Center property, which is located near Van Nuys Airport, one of the country’s busiest private airfields. The land has been under generational ownership in a family since the early 1900s.

DeGrinis shared with the Business Journal why the owners finally unloaded these assets. “The heirs of this property reached a point in which the managers decided that this was the right time to sell,” DeGrinis said. “Value reaches the right scenario, and you move on.”

The buyer of this portfolio is no surprise – Rexford has been an aggressive investor in local industrial real estate in recent years, making major investments in markets such as Simi Valley and Thousand Oaks. Rexford also recently purchased a 200,000-squarefoot structure in Sylmar.

“Rexford will continue the business plan to drive rents and create value.” DeGrinis said.

Hollywood Burbank Airport’s location in Burbank – where the largest entertainment studios and media companies have their headquarters – makes the area ideal for businesspeople as well as investors.

The airport itself has construction plans. It plans to replace the aging 14-gate terminal dating back to 1930 – before seismic safety rules – with a new 355,000-square-foot terminal, as well as a multilevel parking structure to accommodate 6,600 vehicles.

Pre-pandemic, Hollywood Burbank Airport reported nearly 6 million passengers. Southwest Airlines is the largest carrier with the most flights.

“People will choose that over LAX,” DeGrinis said, referring to the compact and convenient Hollywood Burbank Airport, the Valley’s only commercial airfield.

Eager tenants, buyers

Multiple brokers confirmed to the Business Journal that Amazon.com Inc. will occupy 700,000 square feet at four buildings in the Avion Burbank business park once construction is finished.

Office broker William Boyd, based out of Kidder Mathews’ Pasadena office, said that the Avion industrial project has turned into a synergy driving demand around the Hollywood Burbank Airport.

“It is helping to accelerate interest in the airport district because of land constrictions in (Burbank) Media District,” Boyd continued. “The market is looking more seriously at the airport area.”

And there is still more “runway,” so to speak, in the Hollywood Burbank Airport circumference. “There is a voracious appetite for that space,” Boyd said. “It’s no longer conjecture. We’re actually seeing it happen.”’

Simultaneously, as a light appears at the end of the long coronavirus tunnel with multiple vaccinations being distributed worldwide, pent-up demand for space devoted to entertainment production will most likely explode once the virus has been subdued, both Boyd and DeGrinis said.

“Entertainment has kind of thawed a little bit,” DeGrinis said, pointing to recent deals involving L.A. North Studios and Needham Ranch in Santa Clarita. “More of those types that are stepping up. All we hear about is the need for more content.”

DeGrinis said that there is practically a profile for the type of owner of airport-adjacent properties in the Valley. They are long-time legacy landlords, often family-run businesses. The broker said that as these owners age out of business, “it matches up very well with the capital dying to buy.” These investors “will pay top dollar for those assets. … They’re going to scrape it and build a new one,” he added.

However, in the case of the 19-building portfolio, DeGrinis continued, there are no plans for redevelopment because these class B buildings – built in the 1960s and 1970s – “were built in a manner that they were sort of timeless,” DeGrinis explained. “These buildings lease for big numbers.”

As an example, DeGrinis cited a building near L.A. County-operated Whiteman Airport, the Valley’s third airfield in Pacoima. The warehouse with 123,974 square feet at 12154 Montague St. will lease for $1.08 per square foot in June.

That in keeping with the average of $1.10 a square foot in the East San Fernando Valley, according to data from Colliers International, but significantly higher than the 94-cent average for the entire San Fernando Valley.

The buildings in the Rexford portfolio were 98 percent occupied by service-related companies such as Ferguson Plumbing and Goodman Distribution upon the close of this sale.

Ironically, what industrial asset buyers and tenants seek in airport properties isn’t necessarily access to air transportation, but convenience for ground travel. Van Nuys Airports is just west of the 405 freeway and south of the 118. Hollywood Burbank Airport lies between the 118, 5 and 101 freeways.

“It’s the first stop north when you come out of West L.A.,” DeGrinis said, referring to Van Nuys. The Rexford deal notwithstanding, DeGrinis sees many properties ripe for redevelopment, largely designed to serve e-commerce distribution or entertainment tenants.

Amazon.com Inc. alone has tallied up nearly 5 million square feet in leased space in the North L.A. and Ventura County markets in the past 24 months.

Much of its leases closed in 2020 as the pandemic substantially increased a reliance on the Amazon convenience of home delivery during the stay-at-home lockdown.

“That’s enormous,” DeGrinis said, noting that he could not comment on whether the ecommerce giant has reached its saturation point in the valleys. “We’re not smart enough to know Amazon’s distribution plans.”

Contributory deals

The Avion construction site and the nine-digit Rexford acquisition are not the only transactions near the airports.

In May, spice and seasoning manufacturer Chef Merito Inc. purchased a Sun Valley industrial facility for $5.75 million, or $395 a square foot, according to CoStar Group data.

The 14,560 square-foot industrial space, situated at 7691 San Fernando Road within the Burbank Airport Commerce Center, boasts a location proximity to Hollywood Burbank Airport. Michael Zugsmith of Encino sold the property to Chef Merito, which was previously headquartered in Van Nuys.

Half a year later in December, a 16,230-square-foot Van Nuys industrial site sold for $3 million, or about $188 per square foot. Lee and Associates/North L.A. principals Scott Caswell and Erica Balin represented buyer Fox Capital and seller Kamat Family Trust in the transaction for 7020 Hayvenhurst Ave. It was a 1031 tax-deferred exchange.

“It is very challenging to find any multitenant industrial buildings for sale in the San Fernando Valley,” Caswell said in a statement. “This project is centrally located with great access to Los Angeles and well suited to serve Van Nuys Airport.”

Then in January, a pair of separate freestanding warehouses within the Van Nuys Airport Corridor sold for a combined $3.7 million. The 7022 Valjean Ave. property, with 4,452 square feet, sold for $1.9 million, while 7028 Valjean Ave., with 4,436 square feet, sold for $1.8 million.

Once again, Spectrum’s Haimoff and his colleague, Barry Jakov, represented the seller. The properties sold to separate owner/users. According to Spectrum, the sale price in this transaction represents a record-breaking price for comparable industrial buildings.

“Industrial vacancy rates are at all-time lows and demand is very high,” Haimoff said. “We have companies that have done very well and have increased their footprint by doubling up their square-footage. … “Unfortunately, there is not enough quality inventory right now, so it forces us to search deeper for additional opportunities.”

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Industrial Facility in Prime Van Nuys Airport Location, Sells for Highest Price Per SF in the Area

Van Nuys, CA – January 1, 2021. Yair Haimoff, SIOR and Barry J. Jakov, commercial real estate brokers with Spectrum Commercial Real Estate, Inc. based in Woodland Hills, are pleased to announce the recent sale of a freestanding multi-tenant industrial property located in close proximity to Van Nuys Airport.

Haimoff and Jakov represented both the Buyer and Seller in the transaction.

The property is located at 15837 Stagg Street in Van Nuys. The 12,400 square foot building is situated on a 25,049 square foot LAM2 zoned paved lot. The site uniquely features a large fenced and secured parking lot and ample outside storage area. The building is divisible into industrial units ranging from 1,300 to 5,100 SF spaces with separate utility meters. The building also features 12’ – 13 foot warehouse clearance and ample power.

The Buyer, a local towing company, was attracted to the Property due to the central Van Nuys location and the large rear lot. This was a leaseback sale, in which the previous owner and new owner will share the use of the property. The property sold for $3.5 Million, representing one of the highest price per square foot sale transactions in the area according to recent sale comparables.

Call broker for more information.

About Spectrum Commercial Real Estate, Inc.

Spectrum Commercial Real Estate Inc., founded in 2018 and headquartered in Valencia and Woodland Hills, California, is a full service commercial real estate firm that offers clients personalized service, local knowledge and a pioneering approach to brokerage services. The firm’s full spectrum of services includes tenant and landlord rep, leasing, sales (owner-user and investments), 1031 exchange buyer representation, national single-tenant investment sales and acquisitions, net lease investments, build-to-suit developments, debt/equity, and providing clients with exceptional brokerage services. For more information, visit www.Spectrumcre.com

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Spectrum CRE ™ Represented the Seller in the Sale of 2 Freestanding Industrial Buildings in Van Nuys

Van Nuys, CA – January 4th, 2021 – Yair Haimoff, SIOR, and Barry J. Jakov, commercial real estate advisors with Spectrum CRE ™ are pleased to have represented the Seller in the sale of 2 separate freestanding industrial buildings located at 7022 and 7028 Valjean Avenue in the city of Van Nuys within the Van Nuys Airport Corridor.

The two properties were constructed between the late 1980’s and early 1990’s. 7022 Valjean Avenue is approximately 4,452 square feet and 7028 Valjean is approximately 4,436 square feet, and both are situated on approximately 7,400 square foot LAM1 zoned parcels. The properties feature high-image designs, well designed office layouts, ample power, 16’ – 18’ min. warehouse clear, front loading and fenced and secured parking/yard areas.

The properties were sold to two separate owner users who will be occupying the buildings. 7022 Valjean Ave sold for $1,890,500.00 and 7028 Valjean Ave sold for $1,825,000.00. The sale price achieved represents a record-breaking price for comparable industrial buildings.

Jakov stated “our client purchased the properties in 2018 and tied both parcels together. In order to Sell both properties individually our client needed to separate the parcels, which was a complicated process within a short time frame. We were able to connect the Seller with a trusted building consultant who was able to timely separate the parcels, allowing the purchase of the two properties to proceed”.

For more information, please contact Yair Haimoff and/or Barry Jakov

About Spectrum Commercial Real Estate, Inc.

Spectrum Commercial Real Estate Inc., founded in 2018 and headquartered in Valencia, California, is a full service commercial real estate firm that offers clients personalized service, local knowledge, and a pioneering approach to brokerage services. The firm’s full spectrum of services includes tenant and landlord rep, leasing, sales (owner-user and investments), 1031 exchange buyer representation, national single-tenant investment sales and acquisitions, net lease investments, build-to-suit developments, debt/equity, and providing clients with exceptional brokerage services. For more information, visit www.Spectrumcre.com

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SCV Businesses Expand Amid Vaccine Optimism

Valencia, CA, December 21 –Businesses in the Santa Clarita Valley are showing signs of optimism for 2021 as Covid-19 vaccinations roll out. Valencia-based Spectrum Commercial Real Estate, Inc., successfully helped Santa Clarita-based manufacturing company, 3D International, LLC, grow its automotive detailing operation by securing additional warehouse space at 25158 Avenue Stanford.

This latest partnership adds an extra 21,660 square feet of industrial warehouse space for 3D International. “This is a testament of our local business owners adapting, pivoting, and thriving during these unprecedented times,” says Yair Haimoff, founder and executive managing director of Spectrum CRE ™. This latest expansion adds to a previous September lease expansion deal of approximately 10,164 square feet signed by 3D International at 25161 Rye Canyon Loop in Valencia, after the company began making hand sanitizers in their facilities.

Haimoff adds, “With the surge of activity we’ve been fortunate to earn the trust of many organizations and entrepreneurs. In the past three months alone, we’ve managed to represent other manufacturing and warehouse/distribution clients secure additional storage facilities as well as help owner-user and investors purchase facilities within the Santa Clarita Valley.”

The latest boost in commercial real estate comes amid burgeoning hopes of the first Covid-19 vaccines being distributed in California and all-time low interest rates. “We are getting a lot of interest from buyers who want to take advantage of the low interest rates but unfortunately there is not enough quality inventory right now so it forces us to search deeper for additional opportunities,” Haimoff says, “You just need the right team on your side to uncover the hidden gems.

About Yair Haimoff

Yair Haimoff holds the prestigious SIOR (Society of Industrial and Office Realtors) designation as Founder and Executive Managing Director of Spectrum CRE ™, a commercial brokerage, property management, and investment advisory service firm specializing in industrial, retail, and office real estate.

About Spectrum Commercial Real Estate, Inc.

Spectrum Commercial Real Estate Inc., founded in 2018 and headquartered in Valencia, California, is a full service commercial real estate firm that offers clients personalized service, local knowledge and a pioneering approach to brokerage services. The firm’s full spectrum of services include tenant and landlord representation, leasing, sales (owner-user and investments), 1031 exchange buyer representation, national single-tenant investment sales and acquisitions, net lease investments, build-to-suit developments, debt/equity, and providing clients with exceptional brokerage services. For more information, visit www.Spectrumcre.com

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Spectrum Commercial Real Estate, Inc. Represented the Seller and Buyer in the Sale of this +/- 19.38 Acre in a Prime Santa Clarita Valley Location

Spectrum Commercial Real Estate, Inc. Represented the Seller and Buyer in the Sale of this +/- 19.38 Acre in a Prime Santa Clarita Valley Location

Valencia, CA – October 1, 2020Randy Cude, Matt Sreden, and Connor Quan commercial real estate brokers with Spectrum CRE ™, are pleased to have represented the Seller and Buyer in the sale of an M1 Zoned development site at 23925 The Old Road in Newhall, California.

This vacant +/- 19.38 Acre Lot has 1,385 feet of street frontage along The Old Road. The property sits along the I-5 Freeway, and is within close proximity to State Route 14, FivePoint – Newhall Ranch Development, Six Flags Magic Mountain, Disney and ABC Studios, and Needham Ranch Business Park.

The Buyer was attracted to the Property for its development potential and intends to construct its new headquarters on the Property.

Randy, Matt & Connor were able to negotiate the transaction within a short period of time and successfully navigate it to a successful close during an unprecedent time for small business lenders.

The final purchase price was approximately $2.5 Million.

Call brokers for more information.

About Spectrum Commercial Real Estate, Inc.

Spectrum Commercial Real Estate Inc., founded in 2018 and headquartered in Valencia, California, is a full service commercial real estate firm that offers clients personalized service, local knowledge, and a pioneering approach to brokerage services. The firm’s full spectrum of services includes tenant and landlord rep, leasing, sales (owner-user and investments), 1031 exchange buyer representation, national single-tenant investment sales and acquisitions, net lease investments, build-to-suit developments, debt/equity, and providing clients with exceptional brokerage services. For more information, visit www.Spectrumcre.com

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Spectrum Commercial Real Estate, Inc. Represented the Buyer and Seller in the Sale of a 7,499 SF Industrial Land Parcel in Van Nuys

Spectrum Commercial Real Estate, Inc. Represented the Buyer and Seller in the Sale of a 7,499 SF Industrial Land Parcel in Van Nuys

Van Nuys, CA – September 21, 2020Yair Haimoff, SIOR, and Barry J. Jakov, commercial real estate brokers with Spectrum CRE ™ are pleased to have represented the Seller and Buyer in the sale of a M1 zoned land parcel in Van Nuys, California.

Located at 7029 Valjean Avenue, the property is an approximate 7,499 square foot parcel of land that is situated within the highly desirable Van Nuys Airport vicinity. It is located less than one mile from the 405 freeway onramp and is within close proximity to Van Nuys Flyaway, Van Nuys Golf Course, Balboa Park and many amenities.

The Buyer was attracted to the Property for its development potential and intends to construct its new headquarters on the Property.

Barry and Yair were able to negotiate the transaction within a short period of time and successfully navigate it to a successful close during an unprecedent time for small business lenders. Final sale price was $885,000.

For more information, please contact Yair Haimoff and/or Barry Jakov.

About Spectrum Commercial Real Estate, Inc.

Spectrum Commercial Real Estate Inc., founded in 2018 and headquartered in Valencia, California, is a full service commercial real estate firm that offers clients personalized service, local knowledge, and a pioneering approach to brokerage services. The firm’s full spectrum of services includes tenant and landlord rep, leasing, sales (owner-user and investments), 1031 exchange buyer representation, national single-tenant investment sales and acquisitions, net lease investments, build-to-suit developments, debt/equity, and providing clients with exceptional brokerage services. For more information, visit www.Spectrumcre.com

 

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Prop 15 May Imperil Lots Of Tenants

By Michael Aushenker Staff Reporter at The San Fernando Valley Business Journal

Voters to decide on split-roll tax system in November

Proposition 15, an initiative to tax commercial and industrial properties at a higher rate for education and local government funding, will have a negative domino effect on the market, commercial real estate experts told the Business Journal.

That’s because landlords will pass along hiked property taxes to tenants, who will charge customers more.

If approved by voters on Nov. 3, Prop 15 will create a split-roll tax, or separate tax rules for commercial and retail property versus residential property. The ballot measure intends to upend what voters approved in 1978 with Proposition 13, in which all assessed property values are based on the most recent purchase. Prop 13 caps property tax rates at 1 percent of the assessed value with annual increases not to exceed 2 percent.

John Loper, associate professor at USC Lusk Center for Real Estate, said passage of Prop 15 will add more financial burden to restaurant and retail tenants already responsible for triple-net (property taxes, insurance and operating costs) leases.

“If property taxes go up, the tenants pay, not the landlords,” Loper said.

With non-chain restaurants, small shops, cabinet makers, carpenters and plumbers —

“all of the small businesses are going to be paying those property taxes,” Loper continued.

Entrepreneurial business owners have already

“been hurt the most by COVID. They don’t have deep pockets.”

There are some exemptions, according to Loper, such as small companies that own their property.

“But most of the time, they’re renting at a shopping center or multi-tenant industrial park and (tax hikes are) not going to help,” he said.

Union groups have backed Prop 15, which promises $11 billion in revenue in a 60-40 split between municipal governments and local schools from K-12 to community colleges.

While that might sound ideal on paper, broker Yair Haimoff, founder of Spectrum Real Estate Services in Encino and Valencia, questions whether the funds will truly go where intended.

“Who is going to be in charge of appropriating the funds?” Haimoff asked.

“County assessors, they’re already behind. … Where are they going to get the manpower to do this?”

If landlords raise rents and tenants can’t pay or go out of business, landlords will stumble in paying their mortgage lenders, Haimoff said. Loper thinks Prop 15 could exert a large influence on the economy at large.

“This could be the thing that tips (business owners to say) ‘I can’t do this anymore,’” he said.

Eventually, customers will pay for the tax hike, the broker and academic agreed.

“The tenants are going to have to raise prices and the consumers are going to have to pay for it,” Haimoff said.

Added Loper:

“This is going to severely hurt a lot of small businesses. On top of COVID, this is scary.”

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Spectrum Commercial Real Estate, Inc. Represented the Seller and Buyer in the Off-Market Sale of Valencia Atrium a 65,178 +/- SF Class A Office Building

28494 Westinghouse Place, ‘Valencia Atrium’

Spectrum Commercial Real Estate, Inc. Represented the Seller and Buyer in the Off-Market Sale of Valencia Atrium a 65,178 +/- SF Class A Office Building

Valencia, CA – September 22, 2020 – Yair Haimoff, SIOR, Andrew Ghassemi and Matt Sreden, commercial real estate brokers with Spectrum Commercial Real Estate, Inc., are pleased to have represented the Seller and Buyer in the off-market sale of Valencia Atrium, an institutional quality Class-A three story office building that is located in Valencia, California.

Valencia Atrium is an approximately 65,178 square foot three story Class-A office building that is situated on approximately 3.37 acre parcel. It is comprised of a diverse mix of 47 professional office suites ranging from 600+/- SF to 2,270 +/- SF. The property was built in 2002 and renovated in 2017. It features sweeping panoramic views of the Santa Clarita Valley and interior atrium views of lush landscaping and water features. Additionally, Valencia Atrium is one of the few Class-A buildings that are environmentally friendly and features charging stations.

Located at 28494 Westinghouse Place, ‘Valencia Atrium’ is situated within the highly desirable Valencia Gateway Corporate Point. It is across from Courtyard Marriot and Embassy Suites and is visible from both I-5 and SR-126. The property is positioned on the Southeast corner of Newhall Ranch Road and Vanderbilt Way, and approximately one-eighth mile east of I-5 and SR-126 (Newhall Ranch Road) interchange offering immediate access freeway access.

Spectrum Commercial Real Estate, Inc. represented both the Buyer, Rowe LLC and the Seller, Westinghouse Associates, LLC. The final purchase price was approximately $15 Million.

Call broker for more information.

About Spectrum Commercial Real Estate, Inc.

Spectrum Commercial Real Estate Inc., founded in 2018 and headquartered in Valencia, California, is a full service commercial real estate firm that offers clients personalized service, local knowledge, and a pioneering approach to brokerage services. The firm’s full spectrum of services includes tenant and landlord rep, leasing, sales (owner-user and investments), 1031 exchange buyer representation, national single-tenant investment sales and acquisitions, net lease investments, build-to-suit developments, debt/equity, and providing clients with exceptional brokerage services. For more information, visit www.Spectrumcre.com

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Spectrum Commercial Real Estate, Inc. Represented the Seller in the Sale of 6,077 SF High-Image Office Condo in the Prestigious Rye Canyon Pointe

28212 Kelly Johnson Parkway in Valencia, California

Spectrum Commercial Real Estate, Inc. Represented the Seller in the Sale of 6,077 SF High-Image Office Condo in the Prestigious Rye Canyon Pointe

Valencia, CA – September 18, 2020 – Yair Haimoff, SIOR, Andrew Ghassemi and Matt Sreden, commercial real estate brokers with Spectrum Commercial Real Estate, Inc., are pleased to have represented the Seller in the sale of this +/- 6,077 SF high-image office condo in Valencia, California.

This high-image office condo, built in 2007, is located at 28212 Kelly Johnson Parkway in the prestigious Rye Canyon Pointe. It features excellent layout, high-ceilings, elegant double door entry, wrap around window lines with sweeping views of the Santa Clarita Valley, dual elevator access, two story atrium entry and open surface and covered parking.

The property is located within minutes from the Valencia Town Center, Henry Mayo Newhall Hospital, hotels, championship golf course, single and multi-family housing, Six Flags Magic Mountain, and many other amenities.

Call broker for more information.

About Spectrum Commercial Real Estate, Inc.

Spectrum Commercial Real Estate Inc., founded in 2018 and headquartered in Valencia, California, is a full service commercial real estate firm that offers clients personalized service, local knowledge, and a pioneering approach to brokerage services. The firm’s full spectrum of services includes tenant and landlord rep, leasing, sales (owner-user and investments), 1031 exchange buyer representation, national single-tenant investment sales and acquisitions, net lease investments, build-to-suit developments,

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Half-Acre Property in Santa Clarita Sells for $1.5 Million

18717 Soledad Canyon Road in Santa Clarita.

Half-Acre Property in Santa Clarita Sells for $1.5 Million

By Michael Aushenker Staff Reporter at The San Fernando Valley Business Journal

A commercial property with only 1,292 square feet in Santa Clarita has sold for $1.5 million, according to brokerage Spectrum Commercial Real Estate.

The property is located at 18717 Soledad Canyon Road and was opened in 1962.

It features 180 feet of frontage along heavily trafficked Soledad Canyon Road and serves as an excellent site for various commercial uses, according to Spectrum. The lot is comprised of two freestanding structures, one of which is Alta Dena Dairy and the other a coffee kiosk with drive-through capability.

The property is also next to a slew of retail storefronts and sits across the street from Edwards Cinema.

Spectrum’s Yair Haimoff and Randy Cude represented the unnamed seller of the property.

Original Author: Michael Aushenker
Original Publication By: sfvbj.com