ARKA Properties Group has acquired a six-building industrial business park near the intersection of Oxnard Street and Kester Avenue in Van Nuys, California, for $19.25M, or $247 per SF.
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Located at 14723-14825 Oxnard St., the 3.26-acre industrial park is composed of six buildings totaling 78K SF. Its buildings range from 8K SF to 24K SF and feature 73 single-story units. Initially built in 1964, the multi-tenant property was renovated in 2014 and 2018 and is zoned M-2 Industrial/Manufacturing.
The industrial park is 98% leased. The new owner plans to lease the remaining vacancy and hold the asset long-term, according to NAI Capital.
Chris Jackson, Todd Lorber, Tim Foutz and Grant Bullen with NAI Capital’s Investment Services Group represented both the buyer and the seller, Rexford Industrial Realty, in the transaction.
