LOS ANGELES—Lee & Associates-LA North/Ventura recently closed two industrial sales in the San Fernando Valley. The 51.956-sq.ft. manufacturing and warehouse property at 11915 Wicks St in Sun Valley, Calif. was purchased by Forgiato Inc. for about $4.4 million. BV Empire LLC purchased the six-building, 22,343-sq.-ft. industrial property in Burbank, Calif. for $3 million.
BV Empire is prepared to spend an additional $700,000 renovating the complex at 2405 Empire Ave. through 2000 Buena Vista St. The property was formerly occupied by Matthews Equipment Studio and will be marketed toward creative users.
“The buyer recognizes the demand in the market for well-located, smaller facilities that can be used by creative and entertainment companies,” said Brett Warner, principal with Lee & Associates. “This property is very close to the major studios in Burbank, with units ideally sized for today’s creative users.And the buyer will be able to offer these units at sale and lease rates that are far more affordable than Westside Los Angeles, where prices have risen exponentially for similar types of facilities.”
Renovation plans include replacing the roof and façade, adding track lighting, polished concrete flooring, full HVAC and upgrading the electrical.
Warner represented both buyers in these separate transactions. Jeff Abraham and John DeGrinis of Colliers International represented the private trust selling 11915 Wicks St. Greg Geraci and Dave Harding of CBRE represented seller PDM Financial in the industrial complex sale.