Dunleer, a Beverly Hills-based private real estate investment and development firm specializing in multifamily and industrial assets, recently purchased a Class A multi-tenant industrial building in Van Nuys for $10.6 million.

The 34,366-square-foot building is located at 7502-7536 Tyrone Ave. and traded in an off-market transaction.

The asset, which was built in 2009, is 100% occupied. It features eight units, all with clear height of 20 feet, fire sprinklers, 12-foot by 12-foot loading doors. It also has reserved and gated parking and has office space, and it’s near the Interstates 5, 405 and 101, as well as the Burbank and Van Nuys airports.

“We were able to acquire this asset at a meaningful discount to market, which immediately creates value,” BJ Turner, chief executive of Dunleer, said in a statement. “With a condo map already in place and the ability to reconfigure from eight to potentially ten units, the property is uniquely positioned to provide optionality where ownership can operate the property as a leased investment or meet strong demand from owner-users.”

‘Highly strategic’ move

Turner said that it’s “exceptionally rare” to have the chance “to offer industrial condos of this quality and scale,” which made the purchase “a highly strategic addition to Dunleer’s portfolio.”

He added that the firm’s research shows that there’s “only a handful of comparable assets” like the Tyrone Avenue complex that have been built in Van Nuys or North Hollywood over the last 20 years. North Los Angeles has a large industrial submarket with 126 million square feet of inventory, according to data from Jones Lang LaSalle Inc. During the first quarter, it saw vacancy rates of 8.7%.