Los Angeles, CA — Newmark announces it has arranged the $15 million sale of 19900 Plummer, a single tenant office building located at 19900 Plummer Street in Chatsworth, California.
Newmark Managing Director Ryan Plummer, Director Andrey Mindirgasov, Vice Chairman Sean Fulp, Managing Director Mark Schuessler and Director Chris Smith facilitated the off-market transaction between the seller, Korda Group and buyer, Rexford Industrial.
“The single tenant, net leased asset is situated on 3.82 AC of industrial-zoned land, creating optionality for various strategies in a dynamic market,” said Plummer. “It has been a long-time goal to sell a property on Plummer Street in Los Angeles and both parties’ flawless performance made it all the more enjoyable in this off-market transaction.”
The 43,472-square-foot building is 100% leased to Campbellsville. University, a non-profit educator offering a Masters of Marriage and Family Therapy program.
Mindirgasov added, “The Chatsworth industrial and office markets remain incredibly tight, boasting vacancy rates that are sub 2% and 7% respectively, which is reflected in the continuous rental growth.”
The Los Angeles North industrial market’s net absorption and sales volume soared to new high in 4Q21, according to Newmark Research. LA North’s net absorption activity totaled nearly 5.1 million square feet in 2021, a record high for the submarket. The market’s construction deliveries totaled 2.7 million square feet in 2021, with occupiers having committed to 95.9% of it. Sales volume totaled $2.2 billion in 2021, up 80.3% the prior year.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world.
