Newport Beach, California JLL Capital Markets has arranged $52 million in acquisition financing for Van Nuys Industrial Park, a fully leased value-added business park comprising four buildings totaling 84,346 square feet and two land parcels.
JLL worked on behalf of the borrower, Boston-based Longpoint Realty Partners, to place the three-year floating rate non-recourse acquisition loan with Prime Finance.
Van Nuys Industrial Park is home to six tenants in the telecommunications, health services, non-profit, trucking and logistics, automotive distribution, and agricultural machinery and equipment distribution sectors. The four light industrial buildings were constructed between 1963 and 1974, with the two parcels of land totaling 3.87 acres being used as outdoor storage lots for automobiles and truck trailers.
Set on 11.75 acres, the properties are located at 16300-16210, 16251, 16201, 16141 and 16161 Raymer St. and 8085 Woodley Ave. in a San Fernando Valley location with access to critical transportation corridors and logistics centers. The property is adjacent to Van Nuys Airport and less than 25 miles from Burbank and Los Angeles International Airports. The area is also connected to freeways I-405 and 101 and I-5, 210 and 10, as well as the BNSF Los Angeles Junction railroad and the ports of Los Angeles and Long Beach, both 68 km away.
The Van Nuys Industrial Park is part of the Greater San Fernando Valley Industrial Submarket, which JLL Research found had the highest uptake of any area in Los Angeles in the first quarter of 2022. The vacancy rate total in the submarket is 1.8%. Only 236,865 square feet of new space delivered since the first of the year, including several new developments that were all pre-leased.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Greg Brown and Director Peter Thompson.