Scott Caswell of Van Nuys, CA-based Delphi reports that Sirrah purchased a 43,000-sf structure at 2279 Ward Ave. and a companion facility of 34,000 sf at 2259 Ward Ave. from locally based CZX LLC. The buildings, which were completed in 1990, were formerly occupied by Cerwin Vega, a large manufacturer of speakers for musical instruments, home and car stereos and other applications.
Caswell represented Sirrah in the purchases, with Bob Kahn of CB Richard Ellis Inc. in Sherman Oaks representing seller CZC in both deals.
Caswell says that the acquisition prices will enable the buyer to offer the buildings at rents in the low 60-cent per sf triple net range, compared with rates of about 70 cents for comparable properties in the market. He says the renovations will include complete remodeling of the vacant adjacent buildings.
Among key features of the concrete tilt-up buildings are modern design, ample power, approximately 6,000 sf of office space, 24-foot minimum warehouse clearance, dock-high and ground-level loading and generous parking and yard areas, Caswell says.
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