Los Angeles, CA, Monday, March 06, 2017– Executive Vice Presidents David Young and Chad Gahr, with NAI Capital represented the buyer, Peer Properties, in the purchase of a 25,792 square foot warehouse/distribution facility in Burbank, Calif. The seller was W. W. Grainger, Inc.
Grainger recently vacated the building and closed this particular branch location. Founded in Chicago in 1927, Grainger is a Fortune 500 company specializing in business to business distribution of industrial supplies, MRO equipment, tools and materials.
7565 Lockheed Drive is a state-of-the-art, warehouse/distribution building, located within the Burbank Airport Commerce Center. Built in 2004, this concrete-tilt-up building provides 24’ warehouse clearance height, 2 dock high loading doors, 4,200 square feet of air conditioned office & showroom area and retail street identity on San Fernando Road.
“Having originally represented the developer on the Burbank Airport Commerce Center project since its construction in 2003, we knew this building offered our client an excellent opportunity to purchase a best- in-class distribution building in a supply constrained market with tremendous barriers to entry. The property received tremendous interest from buyers when it came to market and generated multiple offers.” said Gahr.
“Our client was coming out of a 1031 tax deferred exchange and was looking to purchase a quality asset as a long term hold for their portfolio. We are now actively marketing this building for lease for our client.
We expect a quick lease up of the building due to the demand from entertainment, medical and aerospace companies searching for quality distribution space in Burbank,” said Young.
The Burbank Airport Commerce Center is located proximate to both the major studios and the greater entertainment hub of Burbank. With immediate access to Interstate 5, the building provides superior distribution access to markets throughout Southern California.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 375 offices and 6,700 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840. To learn more, visit www.naicapital.com
About NAI Global
Founded in 1978, NAI Global is a leading global commercial real estate services firm with more than 375 brokerage offices and over 6,700 professionals located throughout North America, Latin America, Europe and Asia Pacific. The firm manages over 380 million square feet of property on behalf of its clients, globally. The NAI Global Capital Markets Group serves the largest institutional owners of and investors in commercial real estate.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.