Kelly Betpolice, Senior Vice President at Kidder Mathews, successfully represented a private investor in the acquisition of two large multi-tenant industrial parks located in the San Fernando Valley. The properties were purchased for $30,610,000 from Palatine Capital Partners.
The acquired properties include 820 Thompson Ave. in Glendale (46,335 square feet) and 7764-7766 San Fernando Rd. in Sun Valley (98,295 square feet). Both industrial parks are currently fully occupied with some tenants paying below market rents. The buyer plans to increase value by leasing out vacant spaces at market rates.
According to Betpolice: “There is a limited supply of multi-tenant industrial properties available in the Glendale/Burbank area. This purchase presents an opportunity for our client to establish their presence and benefit from strong fundamentals and macro drivers.”
