The joint venture pays $221 per square foot for the facility previously occupied by hair care giant John Paul Mitchell Systems.
A joint venture between Greenlaw Partners and Oaktree Capital has acquired a 175,000-square-foot industrial building at 20705 Centre Pointe Parkway in Santa Clarita for $38.7 million, or $221 per square foot, purchasing the property from John Paul Mitchell Systems, according to Colliers’ Q1 2026 Industrial Market Report.
The transaction represents the second-largest industrial sale in the San Fernando Valley and Ventura County region during the first quarter, and signals continued investor conviction in the Santa Clarita Valley submarket despite a broader market that has seen rising vacancy over the past year.
Greenlaw Partners, an Orange County-based real estate development and investment management company, has a long track record of partnering with institutional capital on value-add and opportunistic industrial acquisitions across Southern California. Oaktree Capital, the Los Angeles-based global alternative asset manager, is among Greenlaw’s established institutional partners, alongside firms such as Walton Street Capital, Westbrook Partners, and Guggenheim Partners.
The seller, John Paul Mitchell Systems, is the well-known professional hair care company founded in 1980 and long headquartered at the Centre Pointe Parkway address. The sale suggests the company may be restructuring its real estate footprint, though the firm has not commented publicly on the disposition.
At $221 per square foot, the acquisition priced well below the $348-per-square-foot sale of 26313 Golden Valley Road in the same submarket during the quarter, reflecting potential differences in building quality, lease terms, or value-add opportunity. The spread between the two transactions highlights the range of pricing in the Santa Clarita Valley, where investors are finding opportunities across the risk spectrum.
The Santa Clarita Valley submarket, which encompasses approximately 22.5 million square feet of industrial inventory, posted vacancy of 6.5 percent in Q1 2026, down from 7.0 percent the prior quarter, according to Colliers. The submarket recorded 335,555 square feet of gross activity and 95,903 square feet of positive net absorption during the quarter — the strongest absorption figure of any submarket in the region.
The broader San Fernando Valley and Ventura County market, which totals approximately 177.8 million square feet of industrial inventory, recorded a combined vacancy rate of 3.8 percent in Q1 2026, up from 3.6 percent the prior quarter, according to Colliers. Net absorption was negative 375,113 square feet, marking the second consecutive quarter of occupancy losses. No new supply was delivered for the second straight quarter, though 75,283 square feet broke ground during the period.
Average asking rents across the region remained elevated at $1.41 per square foot NNN, down just one cent from Q4 2025, according to Colliers. The San Fernando Valley averaged $1.42 in the Santa Clarita Valley submarket and $1.46 overall, while Ventura County averaged $1.27.
For Greenlaw and Oaktree, the acquisition likely represents a value-add play in a submarket that benefits from strong transportation infrastructure, including proximity to Interstate 5 and State Route 14. The Centre Pointe Parkway corridor sits within Santa Clarita’s established industrial core, serving distribution and manufacturing users throughout the greater Los Angeles region.
User sales in the San Fernando Valley totaled 276,465 square feet during Q1, according to Colliers, with the Santa Clarita Valley and West San Fernando Valley accounting for the bulk of transaction volume. The activity suggests that despite softening fundamentals, the investment market remains liquid for well-located industrial assets.
