CBRE Announces 47 KSF Industrial Project in Greater LA
- Mar 31, 2017
Santa Clarita, Calif.—CBRE Group Inc. announced the wall tilting of Industry Gateway, a 47,000-square-foot industrial and office development in Valencia, Calif., slated for completion at the end of June. CBRE’s Craig Peters and Doug Sonderegger will handle sale and lease duties on behalf of developer Industry Associates LLC.
Located at 28510 West Industry Drive and close to I-5, the site is about 30 minutes away from Burbank Airport and 40 minutes from Los Angeles International Airport. The two-story development will deliver much-needed contemporary warehouse and office space to the supply-constrained Greater Los Angeles market: 38,000 square feet of warehouse space on the ground floor and an open office space and conference rooms on the first and second floors. The property will feature 28-foot minimum clear height, ESFR sprinkler systems, three dock-high doors and 73 parking stalls.
“This project sits in a very desirable area within the Greater LA region,” said Peters in prepared remarks. “Any new development is a great and often vital opportunity for any company in need of Class A space.”
According to CBRE, the Greater LA region area industrial market has seen record low availability and peak demand, which has triggered a steady rise in rental rates. During the current development cycle, construction levels have averaged 3.2 million square feet since 2013, a significant decrease compared to the previous peak cycle of 7.2 million square feet between 2004 and 2007.
Image courtesy of CBRE