Clarion Pays $42 Mil for Valley Industrial Complex

LOS ANGELES-A New York-based real estate fund has paid $42 million for a 590,570-sf warehouse and distribution complex in the San Fernando Valley, the latest sign that the county’s hot market for industrial space isn’t cooling along with the slowing national economy.

The five-building San Fernando Business Center stands on 28.6 acres at Arroyo Avenue and Eighth Street, in the northeast section of the Valley. It was built in 1989 and is 100% leased.

New York-based Clarion Partners acquired the property on behalf of its Clarion Properties Lion Fund. The property was sold by a group of funds managed by CB Richard Ellis Investors LLC, the $10-billion investment-management arm of LA-based real estate services giant CB Richard Ellis.