X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]CHATSWORTH, CA-A food distribution firm called Dream Team Executive LLC has acquired a 60,511-square-foot industrial building here for $6.8 million in one of three industrial deals totaling nearly 387,000 square feet to close in the L.A. Basin recently. The two others include a 293,800-square-foot lease by Watson Land Co. in Carson and the $4 million sale of a 32,233-square-foot industrial building in Moorpark.

[IMGCAP(2)]The Chatsworth sale is one of the largest industrial sales that has taken place in the San Fernando Valley this year, according to senior vice president George Stavaris of Grubb & Ellis, who led a team including associate Colette Ramirez and associate vice president Darren Cline of Grubb & Ellis who represented the buyer. Dream Team Executive will be quadrupling in size, moving into the 60,511 square feet of space from 15,000 square feet in Sylmar.

[IMGCAP(3)]Stavaris says that the buyer is expected to be fully operational by the end of the month in the building, which is a freestanding structure at 9223 Owensmouth Ave. that was built in 2005. Dream Team acquired the property from a private investor who was represented by Ron Kassan of Beitler Commercial Realty Services.

Wilshire State Bank provided the financing for the transaction.According to Stavaris, the Small Business Administration’s guarantee for the buyer’s loan facilitated the transaction.

The 293,800-square-foot Watson Land Co. lease was a three-year, $6 million expansion that Tatung Co. of America, the US branch of Taiwan’s Tatung Co., signed for a Watson building at 2000 E. Carson St. in the Watson Corporate Center. Tatung is one of the world’s laregest manufacturers of personal computers, work stations, servers and display products.

Tatung for the past year has operated in a 129,000-square-foot Watson building in the Watson Industrial Center, as well as several other locations in Southern California. Tatung’s newest 293,800-square-foot facility recently underwent a major renovation that included a new building façade, an upgraded sprinkler system and a newly designed interior office layout.

Tatung was represented by Chuck Brill of DAUM Commercial Real Estate Services. Watson Land Co. was represented by Lance Ryan and Mike Bodlovich.

In the third deal, a family trust has acquired a 32,233-square-foot industrial building that its family business, Pindler & Pindler Inc., had been occupying on a lease with an option to purchase for the past two-and a-half years. The property, at 5156 Commerce Ave., was acquired for just over $4 million, according to Mike Tingus, president of Lee & Associates-LA North/Ventura Inc., who represented seller York Moorpark Industrial LLC along with Lee associate Scott Linklater.

Tingus points out that lease-to-own arrangements “have become a lot more popular as the leasing market has slowed.” He adds that landlords recognize that “they have to be more creative to gain a competitive edge” in today’s market.

Sellers have not been anxious to put their properties on the market as prices have fallen, Tingus explains. Lease-to-own options can help owners to stabilize pricing while offering an attractive incentive to buyers, he points out.

The property, built in 1990, was at one time occupied by Rolls Royce as a design center. Pindler & Pindler, a designer and marketer of fabrics for the home furnishings industry, leased it for a five-year term with an option to purchase the building within the first two-and a-half years. Among the building’s features are dock-high and ground level loading with 20-foot clearance, and three-per-1,000 parking, compared to two-per-thousand for most industrial buildings.

The buyer was represented by George Eales, first vice president of DAUM.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.