Simi Valley Pulls in Industrial Owner-Users Looking for Alternatives
Landlords and tenants alike are finding quality and flexible assets in the Simi Valley market. As an example, 28,129-square-foot class-A industrial building at 4646 East Los Angeles Ave. recently sold to an undisclosed buyer.
The San Fernando Valley-proximate concrete tilt-up was built in 2000 with 8,000 square feet of office space. The facility also provides 2.53/1,000 parking with 71 parking stalls, 1,200 amps of three phase 277/480 volt electrical power and public transportation access.
Colliers’ Greg Geraci, David Harding, Matt Dierckman and Billy Walk represented the seller, Paris Industrial Parks LLC, which was co-listed with Greg Cox at RE/MAX One.
“Simi Valley has increasingly become a draw for businesses,” Geraci said. “The booming market presents exceptional opportunity because it has established a pro-business attitude while remaining a reasonably affordable community. There has certainly been an upswell of interest in Simi Valley because regional companies are looking for alternatives to Los Angeles County.”
The high level of activity in Simi Valley is directly correlated to a lack of available product in an ever-tightening market as well as a continuing homeless problem within Los Angeles. From fourth quarter 2020 to first quarter 2021, the valley had a decrease in vacancy rates, marking a 0.4 percent drop from 5.2 percent and a significant jump in net absorption from 6,977 to 67,027.