Spectrum Commercial Real Estate Inc. announced recently the sale of an M1-Zoned development site in Newhall for $2.5 million.
Randy Cude, Matt Sreden, and Connor Quan, commercial real estate brokers with Spectrum Commercial Real Estate Inc., represented both the seller and buyer of the approximately 19.38 acre lot, according to a news release by Spectrum Commercial Real Estate Inc.
The vacant lot, located at 23925 The Old Road in Newhall, has 1,385 feet of street frontage along The Old Road and sits along Interstate 5, with close proximity to Highway 14, as well as the FivePoint Newhall Ranch development, Six Flags Magic Mountain, Disney and ABC Studios, and Needham Ranch Business Park, per the release.
The buyer was attracted to the property for its development potential and intends to construct its new headquarters on it, according to Spectrum Commercial Real Estate Inc.
Cude, Sreden and Quan were able to negotiate the transaction within a short period of time and successfully navigate it to a close during an unprecedented time for small business lenders, according to the release.