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12/07/18
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A fully renovated, 7.9k sf industrial building in North Hollywood was purchased by a private investor for $3.25 mil, or $413/sf, in a deal said to be one of the highest per-square-foot industrial sale prices recorded to-date in the region.
The free-standing building is at 7359 Fulton Ave, north of Sherman Way between Woodman and Coldwater Canyon Aves. The property is fully gated, giving it privacy and security. It is located in a state enterprise zone less than a mile from the Hollywood (170) Fwy.
The property underwent a $600k makeover before it was listed by the seller, NoHo Partners LLC. The extensive renovations included high-end, stone and wood finishes that made it attractive for many uses including retail, creative office, post production and recording sound studios, as well as industrial.
Clay Stevens and Randy Kobata with Lee & Associates-LA North/Ventura represented the seller in the transaction. According to Stevens, the upgrades, along with the location, helped to attract multiple offers and achieve what they believe to be the highest per square foot price in the region.
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