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CBRE Arranges Industrial Sale in Low-Vacancy LA North
CBRE closed the $13.58-million sale of a 60,474-square-foot industrial property located at 28212-28230 Constellation Rd. in Valencia to Watercress Holdings. SVP Sam Glendon represented the seller, 28230 Constellation LLC.
“Despite regional challenges in the industrial sector, the LA North industrial market has demonstrated remarkable resilience,” said Glendon. “With a vacancy rate of just 2.3%, it remains one of the healthiest markets in the nation.”
At the time of sale, approximately 23,000 square feet of the building was vacant, while the remaining space is occupied by long-term tenants SCP Pool and Scooter’s Jungle.
Watercress Holdings plans significant investments in the property. These include upgrades to the exterior, roof, common areas and a complete remodel of the vacant unit.
“The planned renovations will enhance both the common areas and the 23,000-square-foot vacant unit, making it a strategic addition to our growing portfolio of office and industrial properties across the Western U.S.,” said Jim Franklin of Watercress Holdings.
- ◦Sale/Acquisition
