Kidder Mathews SVP Kelly Betpolice represented a private investor in acquiring two large multi-tenant industrial parks in the San Fernando Valley. The client, Palatine Capital Partners, purchased the properties for $30,610,000.
The properties included the 46,335-square-foot 820 Thompson Ave. in Glendale and the 98,295-square-foot 7764-7766 San Fernando Rd. in Sun Valley. Both industrial parks are currently 100% occupied, with some rents below market. The buyer intends to add value during future lease-ups as new tenants come in.
“There is a lack of inventory in the Glendale/Burbank market as it pertains to multi-tenant industrial,” said Betpolice. “As a long-term hold, it was an opportunity for the buyer to establish a presence in the market with strong fundamentals and macro drivers.”
Correction: An earlier version of this story listed Palatine Capital Partners as the seller.
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