CBRE announced the sale of a state-of-the-art 24,164 square-foot industrial facility to Tera McHugh and John McHugh, owners of Versatile Systems, Inc.
The property, located at 28258 Avenue Stanford, sits within the Valencia Industrial Center on one of the few freeway-fronting industrial lots in Valencia. The high-image space was built in 1987 and features 17’ minimum clearance height, four grade-level loading doors, 6,804 square feet of office space and immediate access to the Interstate 5. Wright Engineering shares the space, continuing to occupy a portion of the building after the sale.
CBRE’s Craig Peters and Sam Glendon represented the seller, 28258 Avenue Stanford, LLC. Lee & Associates’ Patrick Reddy represented the buyer, a Valencia-based company specializing in the design, manufacturing and installation of Cal/OSHA compliant fall protection systems with more than 25 years in the industry.
“We are thrilled to welcome Versatile Systems at the Valencia Industrial Center,“ said Peters. “Buyer interest has remained healthy though the COVID-19 pandemic, and we continue to see tremendous interest in Valencia”.
Reddy adds, “This location matches the current needs of Versatile Systems, Inc. for engineering, design, and fabrication of roof fall protection systems, including training, as well as providing the capacity for future expansion”.
The Greater Los Angeles industrial market ended the year on a high note, with 13.9 million square feet of user activity and 3.9 million square feet of positive absorption in the fourth quarter, according to CBRE research. The average monthly asking lease rate increased by 1 percent quarter over quarter, from $0.91 to $0.92 per square foot.
About CBRE Group, Inc.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. For more information, visit www.cbre.com.