CBRE announced the sale of a state-of-the-art industrial facility to Tera McHugh and John McHugh, owners of Versatile Systems Inc.
CBRE’s Craig Peters and Sam Glendon represented the seller, 28258 Avenue Stanford LLC, while 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,” Peters said in a prepared statement. “Buyer interest has remained healthy through the COVID-19 pandemic, and we continue to see tremendous interest in Valencia.”
The 24,164 square-foot property, located at 28258 Avenue Stanford, sits within the Valencia Industrial Center.
Built in 1987, it features 17-foot minimum clearance height, four grade-level loading doors, 6,804 square feet of office space and immediate access to Interstate 5.
“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,” Reddy added in the statement.
Wright Engineering shares the space and is set to continue occupying a portion of the building after the sale.
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% quarter over quarter from $0.91 to $0.92 per square foot.