April 11, 2022 9:00 AM
Newmark announces it has completed the sale of 9200 Gazette Avenue, a 25,322-square-foot industrial building in Chatsworth, California. The property traded from Jane Barron, Inc. to an undisclosed buyer for $8.42 million, or $333 per square foot. The seller is the parent company of UltraGlas, Inc., a leading manufacturer of designed architectural and high-performance glass and glass tile. Newmark Senior Managing Director Jeff Abraham, Vice Chairman John DeGrinis and Executive Managing Director Patrick DuRoss represented the seller in the transaction.
9200 Gazette Avenue is a 25,322-square-foot, high-image industrial facility situated on approximately 1.2 acres of land. Property features include approximately 5,000 square feet of modern high-image office space, 16- to 21-foot warehouse clear height, two dock-high loading doors and one ground-level loading door, ample power distribution, secured yard area, skylights in warehouse, four restrooms, sprinklers and earthquake retrofit.
The building offers excellent freeway access to U.S. Route 101, California State Route 118 and Interstate 405. It is just a 25-minute drive to Burbank Airport, 30 minutes to Thousand Oaks, and 45 minutes to downtown Los Angeles and Los Angeles International Airport.
“It was an absolute pleasure to work with Jane Skeeter of UltraGlas,” said Abraham. “Jane started UltraGlas in her 20s and has been a staple in the San Fernando Valley for several decades. 9200 Gazette is a timeless building with features that made it attractive to a wide variety of industries. Due to the extreme lack of quality available buildings for sale in the San Fernando Valley, this asset garnered a tremendous amount of interest. We were thrilled to sell the property to another local business owner.”
Industrial capital markets activity in the U.S. set records in 2021, according to Newmark Research. Sales volume in 2021 was driven by an elevated number of single-assets and portfolio trading, as well as record prices paid on a per-square-foot basis. Over the next few years, as half a billion square feet of industrial space delivers, investor opportunities will grow. Also entering the competition are some major occupiers of industrial space, including Amazon, that have indicated an appetite for owning more of their industrial footprint.
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 $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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