A year after purchasing the project site, Longpoint Realty Partners is making plans for a 123,464 square foot industrial development. The development and investment firm recently submitted plans for the project to the City of Los Angeles with designs from Herdman Architecture & Design.
The project site is located at 16201 to 16275 Raymer St. and would include the demolition of the currently existing 48,964 square foot industrial development and surface parking lot.
In its place, Longpoint Realty Partners is planning a single warehouse with 8,000 square feet of ancillary office space, including a 4,000 square foot mezzanine. Additionally, the project would include 14 dock-high loading doors and 62 surface parking spaces. Approximately 37,766 square feet of landscape coverage is also included in project plans.
The property is situated just northeast of the Van Nuys Airport and is largely surrounded by other industrial buildings. Interstate 405 is also within close proximity of the site.
Based in Boston, Longpoint Realty Partners is a real estate private equity firm that acquires and re-positions under-performing industrial properties and neighborhood shopping centers in 14 major markets.
In 2022, Longponint acquired the development site in a larger deal that included 11.75 acres of land, with addresses at 16300 to 16210, 16251, 16201, 16141 and 16161 Raymer St. and 8085 Woodley Ave. The property sold for $80 million, or about $948 per square foot, according to The Registry’s previous reporting.
Longpoint Realty Partners has acquired other industrial properties in the area as well. In October, the firm acquired a 275,600 square foot industrial property in the City of Industry. Located at 1201 John Reed Court, the property was sold by DWS Group for $80 million, or about $290 per square foot.
