LOS ANGELES– JULY 28, 2016 – CBRE Group, Inc. announced the completion of a property sale to Rexford Industrial, a leading Southern California-focused real estate investment firm, in the San Fernando Valley for approximately $7.55 million.
CBRE’s Senior Associates Michael Bogle and Robert Valenziano, and Executive Vice President Craig Peters, represented both the seller, Gough Place Associates, and buyer, Rexford Industrial in this transaction.
The two-tenant building, located at 525 Park Ave in San Fernando, CA, is approximately 59,600 square feet large and leased by Goodman Distribution, Inc., a heating and air conditioning company, and TMB, a production equipment and service company.
“CBRE was able to achieve an extremely aggressive capitalization rate,” says Peters. “There was a huge amount of interest in this property from the investment community due to the quality of the asset and limited supply levels in the region.”
Despite high demand, actual activity levels in the Greater Los Angeles industrial market were constricted due to record-low availability rates, according to CBRE’s research. The availability rate for the Los Angeles industrial market will likely remain steady going into next year even as new supply is completed. Demand coupled with new industrial properties is expected to push rents up 5.4 percent by year-end.
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.
