Link Logistics continues to trim its industrial holdings in Los Angeles County.
Blackstone’s industrial subsidiary sold two adjacent industrial properties totaling roughly 307,000 square feet in Van Nuys to San Diego-based private equity firm CIRE Equity for $116 million, Commercial Observer reported. The sale follows Link Logistics’ trade of a 265,418-square-foot industrial building in Torrance earlier this year for $123 million.
CIRE plunked down approximately $51.9 million for the 16200 Roscoe Boulevard property and roughly $64.1 million for the neighboring complex at 8201–8221 Woodley Avenue. PGIM Real Estate provided $136.5 million in acquisition financing tied to the purchase. The properties together encompass 19 acres.
The buildings are 100 percent leased to a mix of logistics and production users, including entertainment equipment provider PRG Van Nuys and warehousing solutions company Biagi Bros. The Los Angeles Unified School District also uses a portion of the 16200 Roscoe Boulevard property as a school bus lot.
CIRE’s acquisition ranks among the largest in CIRE’s history, according to Commercial Observer. The San Fernando Valley has attracted investor interest, as was the case here, thanks to “fundamentals being insulated to more traditional buildings in infill L.A.,” CBRE’s Eric Cox, who represented Link Logistics in the deal, said.
The San Fernando Valley boasts one of the hottest industrial submarkets in Los Angeles County, and in turn, the country. The area has a direct vacancy rate of 4.1 percent, per CBRE data cited by Commercial Observer. By contrast, the industrial-heavy Inland Empire submarket saw a 7.1 percent vacancy rate in the fourth quarter of last year, according to a CBRE report.
Earlier this year, Pendulum Property Partners and Affinius Capital secured a $113 million refinancing loan tied to The Mix, a mixed-use property in Northridge totaling roughly 470,000 square feet. That complex at 8500 Balboa Boulevard is less than two miles of CIRE’s new industrial site in Van Nuys. Pendulum and Affilnius acquired the property in 2023 for approximately $171 million. The year before that, Longpoint Realty Partners dropped $85 million for a 13.8-acre five-building industrial campus at 16161 Raymer Street, also near CIRE’s new Van Nuys property. — Chris Malone Méndez
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