February 1, 2016 – CBRE Group Inc. announced the closing of a sale of 26.25 acres of land and improvements in Sun Valley, California, for $21.5 million to Sun Valley Land, LLC.
The property, which used to be one of Los Angeles’ biggest and most popular auto dismantlers and was regularly featured as a location site in movies by major motion picture studios, encompasses an entire city block and sits adjacent to Interstate 5. The site was used for the operation of the business U Pick Parts for more than 50 years.
CBRE’s Dave Harding, Greg Geraci, Matt Dierckman and Billy Walk represented the seller in the sale of the land, located at 11590 Tuxford Street. Sun Valley Land was represented by Joe Carroll from Resource One Real Estate of Los Gatos, California.
“The property drew strong interest from a variety of buyers as land opportunities of this size that are strategically located are rare to find in this area,” said Harding.
The San Fernando Valley Industrial is a dense infill market with limited opportunities. The Sun Valley Submarket is a key San Fernando Valley location, sitting adjacent to Burbank and in the 5 Freeway corridor with easy access to the rest of the Valley and Santa Clarita.
The property resides in a market with a 1.1% vacancy and lease values that have climbed about 8% and sale values that have jumped 21% last year.
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 2014 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.
