May 5, 2022 9:00 AM
Newmark announces it has completed a 37,473-square-foot industrial lease with Hagerty, Inc. at 7915-7933 Haskell Avenue in Van Nuys, California to an undisclosed tenant.
Newmark Vice Chairman John DeGrinis, SIOR, Executive Managing Director Patrick DuRoss, SIOR and Senior Managing Director Jeff Abraham, SIOR represented the landlord, KB Haskell Strathern, LP, a partnership of ARKA Properties Group and Black Equities Group. The Newmark team has a long-standing relationship with the client, having completed more than 20 transactions over the past 30 years.
“Amidst unprecedented conditions in the Greater Los Angeles industrial market with vacancy below one percent, there was intense competition for the space, with multiple offers above the asking rate,” DeGrinis explained. “The agreed upon rent was the highest to-date in Van Nuys when compared to comparable facilities.”
“We value our long-term relationship with ARKA Properties and Black Equities and were pleased to negotiate record-breaking lease terms in this red-hot industrial market,” added Abraham. “The property’s desirable location along the 405 Freeway, with its four dock high doors and large, fenced yard made this an attractive site to a wide variety of users.”
7915-7933 Haskell Avenue is a 37,473-square-foot industrial property situated on approximately 100,945 square feet of land. Property features include a separate 7,783-square-foot office/showroom building, oversized fenced and secured yard, 1,800 amps of 277/480 volt power, three ground-level loading positions and four dock-high doors, a clear height ranging from 16 to 23 feet and ample parking.
The property is situated directly adjacent to the 405 Freeway with access via Roscoe Boulevard and Sherman Way, offering connectivity to West Los Angeles and beyond. It is located just over three miles from the interchange of Route 101 and the 405 Freeway, seven miles from Interstate 5, just over eight miles from Interstate 210 and 21 miles from Los Angeles International Airport.
During the first quarter of 2022, five of the quarter’s top ten move-ins in the Los Angeles industrial market came from companies occupying newly delivered space that was leased prior to delivery, according to Newmark Research. Combined, these leases totaled 932,262 square feet, or 67.2% of the quarter’s net absorption gain of 1.4 million square feet. New construction remains the primary vehicle to satisfy tenant demand in a market where vacancy is below 1.0%.
 Dba Newmark Knight Frank in California
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 of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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