Developers of a five-building industrial park in Simi Valley have inked a deal for the property’s first lease.
Stream Realty Partners, based in Dallas, and QuadReal Property Group, based in Vancouver, have leased a 135,600-square-foot building at 1800 Tapo Canyon Road, the San Fernando Valley Business Journal reported. Financial terms of the deal were not disclosed.
The tenant for the largest building in the Tapo Canyon Commerce Center was identified as an unnamed supplier of entertainment equipment.
The center, designed by HPA Architecture of Irvine, broke ground last fall for 342,600 square feet of industrial space. It’s scheduled to be completed late next month at Tapo Canyon Road and Los Angeles Avenue.
Remaining leasing options include four buildings ranging from 25,800 square feet to 76,500 square feet. Features include easy access to the 118 Freeway, 28- to 36-foot clear heights, windowed offices, dock-high loading and five different entrances to the campus.
Leasing advisors John DeGrinis, Patrick DuRoss and Jeff Abraham of Newmark represented the developers in the lease. Sam Glendon of CBRE represented the tenant.
“With a sub-1 percent industrial vacancy rate in the San Fernando Valley, the completion of this project will deliver much-needed industrial inventory,” DuRoss said in a statement.
The North Los Angeles region, which includes Simi Valley in East Ventura County, had a 0.9 percent industrial vacancy rate through the first half of the year, according to Newmark Research. It accounted for nearly half of Greater Los Angeles’ net absorption activity, with 1.4 million square feet of industrial absorption year to date.
In May, Stream Realty sold a newly built, 175,000-square-foot warehouse in Bloomington in the Inland Empire for $83.4 million. The sale came out to around $476 per square foot, almost four times the average sale price for industrial properties across the U.S.
— Dana Bartholomew
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