Newmark has completed the $10.5 million sale of a 22,237-square-foot industrial property located within the Northridge Business Centre at 19851-19853 Nordhoff Street in Northridge, CA. The property is 100 percent occupied by The United States of America (GSA) which is on a long-term lease.
Newmark’s Sean Fulp, Ryan Plummer and Mark Schuessler with the Private Capital Group, along with Kevin Shannon and Ken White with Newmark’s Capital Markets group represented the seller, GUR Nordhoff, LLC. The buyer, Century Park Partners, Inc., was self-represented.
“The GSA has occupied this facility since 2008 and recently renewed its commitment to the property by signing a lease for another 15 years,” said Plummer. “This presents a prime opportunity for the new ownership to enjoy in-place cash flows from a committed, investment-grade tenant in a well-located San Fernando Valley industrial building.”
Built in 2007 by Overton Moore Properties, the property features 18-foot clear height, five grade-level doors, and a secure fenced yard. The property is within an infill San Fernando Valley location that has one of the tightest industrial markets in the nation with a vacancy rate of under 2 percent. It is also convenient to the 405, 5, 210, 101 and 188 freeways.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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