Industrial portfolio of five buildings in Pacoima raises $ 16 million | San Fernando Valley Business Journal
Tuesday 5th October 2021
An industrial portfolio of five buildings in Pacoima was sold for $ 16.3 million.
The properties consist of one-story units with a total area of around 80,000 square meters. The addresses are 11011, 11015, 11019, 11021, and 11023 Glenoaks Blvd .; and 12666, 12670, 12674, 12770 and 12780 Pierce St.
The buildings are currently 100 percent occupied.
Chase Partners acquired the portfolio from a private local family.
Both buyers and sellers were represented by Newmark’s Executive Managing Director John DeGrinis and Senior Managing Directors Patrick DuRoss and Jeff Abraham.
“These properties are unique in that they have been built and very well managed by the same family for over 30 years,” DuRoss said in a statement. “The buildings are divided into multi-tenant units, with a large number of companies having lived in the space for many years. Due to rising construction costs, it is becoming more and more difficult to build such multi-tenant properties. In addition, tenant demand for smaller industrial units has continued to rise, while these units are almost non-existent. “
David Parker, President of Chase Partners, added, “This acquisition greatly expands our presence in the San Fernando Valley.”
In addition to its new acquisition, Chase Partners is actively looking for additional products for its Logistics Fund I, which it launched earlier this year.