Los Angeles – July 13, 2016 – CBRE Group, Inc. announced the sale of a 63,788 square-foot industrial property in Southern California’s San Fernando Valley to the ownership entity for Morphe Brushes, an online retailer of makeup brushes, for $8.43 million.
Cohen Asset Management, Inc. was the seller of the property at 10303 Norris Avenue in Pacoima, which sits on 2.69 acres near the 5 and 118 Freeways about 25 miles northwest of downtown Los Angeles.
“This is a mature in-fill market with one of the lowest vacancy rates in the country,” said CBRE’s David Harding, who represented the seller along with Greg Geraci, Matt Dierckman and Billy Walk.
The two-story glass Class A property features 24’ ceiling clearance, dock high loading and a fully fenced concrete yard. The buyer was represented by Steve Marx and Chris Habitz of Capital Real Estate, Inc.
The San Fernando Valley has a population base of 1.8 million-people and the area’s 1.1 percent industrial vacancy rate is among the lowest nationwide due to limited land options for new development and the area’s proximity to studios and entertainment companies.
“The North East Valley provides economic advantages in terms of sale and lease values as compared to the Burbank area,” said Geraci. “Combine this with the fact that close to 70 percent of Los Angeles County’s motion picture and sound recording industry is located in the Greater San Fernando Valley and you are looking at a great investment.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
