Los Angeles – May 8, 2025 – CBRE has announced the successful sale of a 60,474-square-foot industrial property located at 28212-28230 Constellation Road, Valencia, CA, for $13.58 million (nearly $225 per square foot) to Watercress Holdings.
CBRE’s Sam Glendon represented the seller, 28230 Constellation LLC, in the transaction.
“Despite regional challenges in the industrial sector, the LA North industrial market has demonstrated remarkable resilience,” said Glendon, Senior Vice President at CBRE. “With a vacancy rate of just 2.3%, it remains one of the healthiest markets in the nation.”
At the time of sale, approximately 23,000 square feet of the building was vacant, while the remaining space is occupied by long-term tenants SCP Pool and Scooter’s Jungle.
Watercress Holdings plans to make significant investments in the property, which are already underway, including upgrades to the exterior, roof, common areas, and a complete remodel of the vacant unit.
“We are thrilled to acquire this state-of-the-art 60,000-square-foot industrial building in Valencia, California,” said Jim Franklin of Watercress Holdings. “The planned renovations will enhance both the common areas and the 23,000-square-foot vacant unit, making it a strategic addition to our growing portfolio of office and industrial properties across the Western U.S.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
