VALENCIA, CA-Classic Wire Cut Co., which provides surgical instruments and implants for the medical device industry, has more than doubled the size of its headquarters with the $7.6-million acquisition of a 76,540-sf industrial building. The new headquarters will consolidate facilities that the company has maintained in several locations, according to Delphi Business Properties Inc., which brokered the deal in which Classic Wire bought the building.
The new Classic Wire headquarters occupies a 4.4-acre parcel at 28210 Constellation Rd., where the company expects to relocate in November following tenant improvements. The company was represented by Joel Hutak and David Hoffberg of Delphi, with Scott Caswell of Delphi represented the seller of the building, Branam Enterprises.
Hutak says that Classic Wire Cut is now operating in three 10,000-sf buildings in Valencia, owning one and leasing two. Hutak and Hoffberg have been named to lease the company-owned facility.
The new Classic Wire Cut headquarters is a concrete tilt-up structure with a reflective blue glass facade. It features 7,252 sf of office space, 24-foot minimum interior clearance, six truck high positions and on-site parking for 167 cars.
The sale of the building reflects what Delphi brokers call the broad range of demand for industrial buildings in their market, where buyers range from small individual owner-users to investment groups acquiring multi-tenant properties. For example, Caswell notes that DRD Properties LLC of Tarzana recently paid $6.4 million for a fully leased 50,000-sf multi-tenant building complex in Chatsworth.
DRD Properties, a veteran commercial property investor, acquired the concrete block four-building project located on 2.7 acres of land at 9950 Canoga Ave. Caswell represented the buyers, with Todd Weaver of Synergy Commercial representing seller Ross Properties, the facility's original developer.
Noting that the property is occupied by a wide variety of firms, from local entrepreneurs to national companies, Caswell says it typifies the kind of real estate DRD is now targeting. He says that DRD likes the multi-tenant product because "one vacancy doesn't overly impact the entire project."
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