X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOS ANGELES-A 34,000-sf, high-bay industrial building in the San Fernando Valley has been scooped up by a studio lighting firm with the region’s sales remaining steady despite the slowing economy. TMB has paid $2.3 million for the facility, which is located at 10643 Glenoaks Blvd.

Bill Birtell of Beitler Commercial acted on behalf of TMB. Brent Weirick of Colliers Seeley’s Encino office represented the seller, Long Beach-based DKT Partners.

In a sign that the San Fernando Valley industrial market is surviving the cooling economy, the TMB purchase is the third such transaction reported this week. Earlier in the week, Globest.com reported that two other Glenoaks Blvd. facilities were in unrelated deals totaling $4.4 million. Lighting firm Leonetti Co. snatched up one of the buildings, a 28,000-sf property on 10601 Glenaoks Blvd. for $2.3 million. The other facility, a 25,000-sf structure at 10639 Glenoaks Blvd, was grabbed for $2.1 million by auto racing team GER Enterprises.

“This market will continue to be popular with industrial users because of its proximity to a strong labor pool, major freeway corridors and its relatively affordable land costs,” Weirick says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.