Sean Rad Acquires Industrial Warehouse From Cindy Swain For $2.75M In Van Nuys

This transaction involves the sale of a two-building industrial property located at 15222 Stagg Street, Van Nuys, California, for a transaction amount of $2,750,000. The total square footage of the asset is 15,000, resulting in a price per square foot of $183.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $2,750,000
• Address: 15222 Stagg Street
• Market: Van Nuys
• Square Footage: 15,000
• Price per Square Foot: $183
• Buyer: Sean Rad
• Seller: Cindy Swain
• Brokerage Firm: Marcus & Millichap
• Brokers: Ari Greene & Adam Abushagur
• Lease Structure: Long-term gross lease at significantly below-market rent with a 100% occupancy by a long-term tenant of 18 years
• Transaction Complexity: Required navigating a Phase II environmental study and deferred roof and plumbing issues

Ari Greene, Associate Director Investments at Marcus & Millichap, represented both the seller and buyer in this transaction. The sale involved the liquidation of an inherited multi-generational family asset and generated multiple offers prior to listing, ultimately achieving the full asking price with a sub-5% cap rate.