$52M loan finances Los Angeles-area industrial park acquisition
JLL Capital Markets arranged the loan for Longpoint Realty Partners purchase of Van Nuys Industrial Park in a highly sought-after logistics location
NEWPORT BEACH, Calif., May 2, 2022 – JLL Capital Markets announced today that it has arranged $52 million in acquisition financing for Van Nuys Industrial Park, a fully leased, value-add, business park comprising four buildings totaling 84,346 square feet and two land parcels in the Los Angeles-area community of Van Nuys, California.
JLL worked on behalf of the borrower, Boston-based Longpoint Realty Partners, to place the three-year, floating-rate, non-recourse acquisition loan with Prime Finance.
Van Nuys Industrial Park is home to six tenants in the telecommunications, health services, non-profit, trucking and logistics, car distribution and agriculture machinery and equipment distribution industries. The four light industrial buildings were constructed between 1963 and 1974, with the two land parcels totaling 3.87 acres are used as outdoor storage lots for automobiles and truck trailers.
Positioned on 11.75 acres, the properties are at 16300-16210, 16251, 16201, 16141 and 16161 Raymer St. and 8085 Woodley Ave. in a strategic, infill location in the San Fernando Valley with access to major transportation corridors and critical logistical hubs. The property is adjacent to the Van Nuys Airport and within 25 miles of both Burbank and Los Angeles International Airports. The area also has easy connectivity to the I-405 and 101 Freeways and Interstates 5, 210 and 10, along with the BNSF Los Angeles Junction Railway and the Ports of Los Angeles and Long Beach, which are both 42 miles away.
Van Nuys Industrial Park is within the Greater San Fernando Valley Industrial submarket, which, according to JLL Research, had the most absorption of any region in Los Angeles in the first quarter of 2022. Total vacancy in the submarket is 1.8 percent. Only 236,865 square feet of new space delivered since the first of the year, which included several new developments that were all pre-leased.
The JLL Capital Markets team that represented the borrower was led by Senior Managing Director Greg Brown and Director Peter Thompson.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Longpoint Realty Partners
Headquartered in Boston, Massachusetts, Longpoint Realty Partners is a real estate private equity firm and a Registered Investment Adviser with a keen understanding of today’s changing demographics and the impact of technology on the global supply chain. Longpoint is an owner and operator of real estate focused on serving the evolving needs of today’s consumers.