Fully Leased Chatsworth Warehouse Sells Above Asking Price

Mark Esses and Keith Kleinman of California Realty Group advised NBP 9401 De Soto, LLC in the sale of a warehouse/distribution facility in Chatsworth. Center Capital Partners, Authentic Capital Group and TPG Angelo Gordon acquired the property for $41.5 million. Located at 9401 De Soto Ave. in Chatsworth, the 150,831-square-foot industrial building is 100% leased.

California Realty Group generated eight offers in the first 10 days of the listing and sold it for $1,000,000 over the asking price, at a 5.87% cap rate. Michael Longo, Barbara Perrier and Bennett Robinson with CBRE represented the buyers.

“It’s rare to see 30-foot clear buildings trade in the San Fernando Valley,” said Longo. “Given the limited new supply, we believe this property offers a high-quality, low-risk investment, with strong in-place cash flow and immediate upside to capture income as leases roll over.”

In 2017, Esses represented NBP 9401 De Soto, LLC in the purchase of the property from Rexford Industrial for $17 million. At that time, the property was vacant. Esses marketed the property and leased it to its current tenants. Regarding the latest sale transaction, Esses said, “In this challenging market, it was great to have a sophisticated buyer and seller on both sides of this deal.”