Cushman & Wakefield today announced that the company represented seller First Industrial Realty Trust and buyer Rexford Industrial Realty Inc. in the sale of a 130,800-square foot industrial investment property in the San Fernando Valley. The property is located at 2980-2990 N. San Fernando Blvd. in Burbank, Calif.
First Industrial sold this triple net leased investment to Rexford Industrial for $15.4 million. The property includes two buildings that sit on 5.86 acres and is fully leased by Senior Aerospace.
First Industrial and Rexford were represented in the transaction by Executive Director John Minervini, Senior Director Erik Larson, Senior Director Robin Dodson and Associate Director Chris Tolles of the Cushman & Wakefield downtown Los Angeles office. Executive Director Jeff Chiate of Cushman & Wakefield’s Irvine, Calif., office and Executive Director James Carpenter of the company’s Chicago office also represented First Industrial and Rexford in the sale.
"There are very few industrial investment opportunities out there in core in-fill sub-markets,” said Cushman & Wakefield Senior Director Erik Larson. “This unique opportunity allowed Rexford to expand its rapidly growing Southern California portfolio with a prime San Fernando Valley asset.”