Jim Linn of the North Los Angeles office of Grubb & Ellis, who represented Fairway in the acquisition of the land, says the property includes 13 lots that Fairway plans to develop into 108,000 sf of single-tenant buildings and 36,000 sf of multi-tenant space. Along with Nigel Stout, also of Grubb & Ellis' North Los Angeles, Linn also represented the seller. Linn and Stout will be marketing the buildings.
Rod Oshita, principal of Fairway, notes that few parcels are available for development in the size range of the new project. He calls the acquisition "a unique opportunity to develop small buildings and capitalize on the continued demand for properties under 50,000 square feet."
The property is located within the Centre Pointe Business Park, between Centre Pointe Parkway and Spirit Court. Construction on the buildings is scheduled to begin this fall. Fairway sold six of the lots, totaling 4.9 acres, to Diamond Development of Santa Clarita.
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