X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHATSWORTH, CA-A locally based buyer doing business as Gledhill Street LLC has acquired a 53,711-sf industrial building at 21500 Gledhill St. for $5 million in a deal that completes a reverse 1031 Exchange, according to Lee & Associates.

Ron Feder of the Sherman Oaks office of Lee & Associates explains that locally based seller, the Feldman Family Trusts, purchased a former House2Home property in Canoga Park out of bankruptcy in December 2002 and sold the Gledhill Street building to meet the requirements of the reverse exchange. Feder represented the Feldman Family Trusts, with the buyer represented by Scott Caswell of Delphi Business Properties in Van Nuys.

The Gledhill Street building, constructed in 1995, is occupied by Pipedream Products Inc. Feder notes that the selling price of $5 million was $5,000 more than the asking price, providing yet another example of the demand for fully leased properties among real estate investors.

The House2Home property is a 98,400-sf building at 8341 Canoga Ave. It was one of about 42 locations that House2Home sold in its Chapter 7 liquidation.

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?

Dig Deeper

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.