September 30, 2021 9:00 AM
Newmark Knight Frank (âNewmarkâ) announces that it has organized the sale of an industrial portfolio of five buildings in Pacoima, California. Chase Partners acquired the portfolio from a private local family. Both parties were represented by Newmark Executive Managing Director John DeGrinis, SIOR and Senior Managing Directors Patrick DuRoss, SIOR and Jeff Abraham, SIOR.
âThese properties are unique in that they have been built and extremely well managed by the same family for over 30 years. The buildings are divided into multi-tenant units, with a variety of businesses occupying the spaces for many years, âsaid DuRoss. âIt’s getting harder and harder to build multi-tenant properties like this because of the rising construction costs. In addition, the demand for small industrial units from tenants has continued to grow while the availability of these size units is almost non-existent. ”
David Parker, President of Chase Partners, said, âThis acquisition gives Chase the opportunity to create tremendous potential and value in an area where availability is extremely limited. This acquisition significantly increases our footprint in the San Fernando Valley. Along with its new acquisition, Chase Partners is actively seeking additional products for its Logistics Fund I, which recently launched earlier this year.
The properties, located in the infill areas of the San Fernando Valley, total approximately 80,000 square feet and have sold for over $ 16 million. The portfolio is made up of single storey units and is currently 100% occupied.
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (âNewmarkâ), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Newmark’s full suite of services and products are uniquely tailored to suit every customer, from owners to occupants, investors to founders, and startups to blue chip businesses. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to clients across the industry. Newmark generated revenues of over $ 2.2 billion for the twelve months ending June 30, 2021. The offices owned by the Newmark company, as well as its business partners, operate from more than 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newbrand.
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