September 30, 2021 9:00 AM
Newmark Knight Frank (“Newmark”) announces it has arranged the sale of a five-building industrial portfolio in Pacoima, California. Chase Partners acquired the portfolio from a private local family. Both parties were represented by Newmark’s Executive Managing Director John DeGrinis, SIOR and Senior Managing Directors Patrick DuRoss, SIOR and Jeff Abraham, SIOR.
“These properties are unique in that they were built and extremely well managed by the same family for over 30 years. The buildings are broken up into multi-tenant units, with a variety of companies that have occupied the spaces for many years,” said DuRoss. “It is becoming increasingly challenging to build multi-tenant properties like this due to a rise in construction costs. Additionally, the demand for smaller industrial units from tenants has continued to grow while availability of these size units is almost non-existent.”
David Parker, President of Chase Partners commented, “This acquisition gives Chase the opportunity to create tremendous upside and value in an area where there is extremely limited availability. This acquisition significantly increases our footprint in the San Fernando Valley.” Alongside its new acquisition, Chase Partners is actively seeking additional product for its Logistics Fund I, which was recently launched earlier this year.
The properties, located within the San Fernando Valley’s infill areas, total roughly 80,000 square feet and sold for in excess of $16 million. The portfolio consists of single-story units and is currently 100% occupied.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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