SIMI VALLEY, CA – Colliers International, the third largest global real estate services organization, has completed the purchase of a 186,726-square-feet industrial property located at 3935-3949 Heritage Oak Court (top left photo)., Simi Valley. The transaction value is confidential.
John DeGrinis (top right photo), Senior Executive Vice President, Patrick DuRoss (middle left photo), Associate Vice President, and Jeff Abraham (middle right photo), Senior Associate all based in Colliers International’s Encino office represented the Buyer, Port to Port Import Export Inc. and Siena Floral Accents, Inc.
The Seller, Invesco, was represented by Barbara Emmons, Bob Kahn and Billy Walk of CB Richard Ellis.
The buyer will be relocating its businesses from Santa Clarita to the Simi Valley location. “In our region, it is most common for companies to migrate from east to west or north from the San Fernando Valley,” said DeGrinis.
“We seldom see businesses relocate south from Santa Clarita, but with a limited number of buildings to choose from in the North Los Angeles region greater than 100,000 square feet, we had to expand our client’s area of consideration.”
DeGrinis previously represented the tenants that occupied the building prior to the sale and declared this to be one of his favorite buildings in the market given the very high quality of the property.
“Over the past two years, there have only been four buildings sold to owner / users over 150,000 square feet in the entire North Los Angeles region,” added DuRoss.
All four have occurred in the Simi Valley / Moorpark submarket. DeGrinis, DuRoss and Abraham represented the buyers in two of those transactions.
“In both cases, our clients have been heavy users of the Ports of Los Angeles and Long Beach,” he continued. “The modern, high quality distribution buildings are what attracted our clients to consider moving west.
" In addition, the logistics costs still made sense due to close freeway access and proximity to the Los Angeles Basin.”
The high-image, Class A industrial building was constructed in 1999 and offers state-of-the-art building features including 30-foot minimum clearance, 21 dock high loading positions and high image office space. It will be used for warehousing and distribution of home décor products.
Contact:
Jennifer Hsieh
Regional Marketing Manager
+1 949 724 5545
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