12975 Bradley Avenue in Sylmar.
A 104,903-square-foot industrial building in Sylmar sold for $24 million, or about $91 per square foot.
Dallas-based Xebec Realty Partners purchased the Bradley Ave. 12975 with a view to a new development. Pittsburg-based Howmet Aerospace sold the 14-acre site.
The existing structure, built in 1966 and renovated in 1972, will be demolished to make way for a new modern Class A high-bay warehouse. The property is zoned M2 allowing for a wide range of uses including wholesale, warehousing, limited commercial and manufacturing, and media products.
Newmark Vice Chairman John DeGrinis, Executive Managing Director Patrick DuRoss and Senior Managing Director Jeff Abraham represented both sellers and buyers.
“The industrial market in north Los Angeles is one of the healthiest submarkets in the country with tight barriers to entry,” DeGrinis said in a statement. “This property is ideally located to meet growing demand for the last mile in Los Angeles and to easily serve the 2.1 million people who live within a 15-mile radius.”
The property is close to the 5, 405 and 210 freeways and offers easy access to numerous logistics and transportation hubs.
This property is the second Sylmar site for Xebec, which already has plans to build two warehouses totaling 600,000 square feet on a 28-acre lot at 15827 Roxford St. that it purchased in 2020 for $92 million.
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