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11/05/14
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A three-building, 82.7k sf warehouse / distribution complex in North Hollywood was purchased by a private investor in an off-market deal. The property consists of three buildings on 3.29 acres of land at 11605 and 11611 Hart St, south of Sherman Way and east of Lankershim Blvd.
The property has been occupied since 1965 by the seller, Bobrick Washroom Equipment. The buildings are of concrete-tilt-up construction, with dock-high loading and monitored fire sprinklers. It has been seismically upgraded and retrofitted to 1995 standards.
In January 2013, Bobrick Washroom Equipment formally announced its plans to build a new 100k sf HQ, manufacturing, and distribution facility in North Hollywood, just three blocks away from its current location on Hart St.
David Young, SIOR, and Chad Gahr, SIOR, both Senior Vice Presidents with NAI Capital’s Encino office, represented the buyer, Selective Real Estate Investments, in the deal. The price was not disclosed
“We will be bringing 82,660 square feet of dock-high loaded distribution space for lease, to a submarket with a 1% vacancy rate,” noted Gahr. “North Hollywood is in great need of additional distribution space and presently there is not a single building available for lease in the submarket that can offer this much quality space to a single tenant. We will be marketing the property to full building users, and the building will also be offered as divisible increments of approximately 50k sf and 30k sf.”
NAI Capital will be co-listing the property for lease with CBRE, who also assisted the buyer in the purchase of the property.
Bobrick is the world’s leading manufacturer of restroom accessories and plastic laminate toilet partitions for commercial building owners and markets its products under the Bobrick, Gamco and Koala Kare brands.
Selective Real Estate Investments owns and operates over 1.2 msf of commercial real estate in California and Nevada.
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