CHATSWORTH, CA-Buyers who plan to convert the 97,265-sf Nordhoff Industrial Park into 65 condominiums have secured $15.65 million in acquisition financing from Wrightwood Capital in a 24-month loan for the purchase and conversion of the industrial park. The property is an office/flex business park that was built in 1989 and consists of five multi-tenant buildings of one story each.
David Kadin, director of investments in Wrightwood Capital's Newport Beach office, reports that the new owners plan to offer the condominium units for sale to owner-users and investors. The new owners are Sylmar-based Sheridan Ebbert and the Tarzana-based Viole Cos.
Kadin notes that the property is in an area with a high concentration of retail, manufacturing, and distribution businesses, close to the Ventura, San Diego and Simi Valley freeways as well as nearby housing. Kadin sees the new project as well positioned in the marketplace because "the demand for office and industrial space is outpacing new supply, in part to the land constraints."
Sheridan Ebbert is a real estate investment and development company, and the Viole Cos. is a development company and general contractor. The transaction with Wrightwood, which was brought to Wrightwood by Brian Halpern of CBRE/Melody's Los Angeles office, represents Wrightwood Capital's first project with the two new owners of the industrial park.
Recent market reports show the Los Angeles County industrial market continuing to tighten, with construction increasing to meet the demand, both in terms of product for lease and product for sale, but a lack of land continues to limit the amount of new project that can be built. As a result, developers and investors have turned to redeveloping projects like the Nordhoff Industrial Park.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.