VAN NUYS, CALIF. — Rexford Industrial Realty has sold a 48,394-square-foot, multi-tenant industrial building in Van Nuys for $17 million. The buyer was Orion Business Park LLC.
The building is located at 8101-8117 Orion Ave. in the San Fernando Valley. Built in 1978, it consists of 29 tenant spaces ranging from 1,000 to 4,000 square feet. The building features 13-foot clear height ceilings and 25 ground-level loading docks.
The building was about 93 percent leased at the close of escrow. The new owner intends to lease up the remaining vacancy and hold the asset as a long-term investment.
Chris Jackson, Todd Lorber and Tim Foutz with NAI Capital Commercial’s Investment Services Group represented Rexford in the transaction.