VAN NUYS, CA-The owner of a bulk vending business bought a 73,437-sf industrial building at 7725 Airport Business Parkway in the Van Nuys Airport Business Center from Van Nuys Industrial Center LLC for $6.477 million.
Ron Feder of Lee & Associates tells GlobeSt.com that the buyer acquired the eight-month-old building, built on a former aerospace site, in order to more than double the size of his existing bulk vending operations in Burbank.
Feder and Bennett Robinson of CB Richard Ellis represented the buyer, while the seller was represented by Brad Kohler of Trammell Crow.
The new business park that the building is part of is one of a number of new office and industrial parks that have been developed in recent years at former aerospace sites in the San Fernando Valley.
Feder cited strong demand for industrial buildings for sale, especially small and medium-sized properties. The overall vacancy rate for the San Fernando Valley is about 6%, he says, but that rate tends to be lower in small and medium-sized buildings.
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