Precision Properties negotiated the sale of a 129,000-square-foot, multitenant industrial facility on 5.5 acres in Sun Valley, Calif.
The value of the transaction was $13.8 million.
A San Fernando Valley developer/investor, ACC/CLYMEMBERS LLC, purchased the property with plans to convert it into industrial condominiums. North Hollywood-based Clybourn Properties LLC sold the asset.
The property, located at 7606-7660 Clybourn Ave. and 7605 and 7616 Wheatland Ave., currently provides units from 5,000 to 30,000 square feet.
“With the scarcity of industrial property in the San Fernando Valley and a pent-up demand by moderately sized business owners to own their own facilities, conversion of a multitenant building to condominiums responds to the market need,” said Eli Anishban, president/broker of Precision Properties.
Precision Properties is a commercial and industrial real estate brokerage company focusing on the San Fernando Valley and adjacent areas.