September 13, 2021 9:00 AM
Newmark1 announces it has completed the sale of Southern California Innovation Park, a 14-building mixed-use campus in Valencia, California, for $133.5 million. Situated on 118.5 acres, the campus allows for additional development provided via a development agreement. At the time of sale, the existing properties were well leased to a variety of companies in the life science, entertainment and industrial industries.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Laura Stumm and Senior Associate Alex Beaton represented the seller, funds managed by Oaktree Capital Management, L.P. and Intertex Companies. The buyer was global real estate investor, asset manager and business builder, Oxford Properties.
“The demand for life science, studio and industrial product has never been higher, and these are the leading investment conviction themes in the post-COVID-19 environment,” said Shannon.
Stumm added, “Southern California Innovation Park is one of the largest remaining development sites in Los Angeles and is well-positioned to become a unique campus destination that caters to the market’s booming studio, life science, and industrial industries.”
The Santa Clarita Valley remains one of the few areas in Greater Los Angeles with buildable land, and as a result, the area has seen more development activity in recent years relative to most other industrial submarkets. In Q2 2021, Santa Clarita Valley’s industrial vacancy remains low at 4 percent, with nearly 90,000 square feet of net absorption, according to Newmark Research.
1dba 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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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