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February 24, 2020
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North Hollywood Industrial Property Sold Before the Listing Hits the Market


An industrial property in the eastern San Fernando Valley community of North Hollywood has sold for $6.625 mil, prior to it having been listed. It is located at 7025-7037 Laurel Canyon Blvd, just east of the 170 Fwy and south of Sherman Way.

The property, currently leased by USPS, consists of a 36.2k sf building that sits on 100k sf of land, offering a rare and substantial development opportunity in one of the tightest industrial markets in Los Angeles.

The buyer, Jacmar Companies, is a local real estate development company that owns properties throughout greater Los Angeles. The company is expected to redevelop the site once the USPS lease expires in 2025. Even with the longer timeline, however, the property traded at a 3.8% cap rate on current income.

Randy Kobata, Mike Tingus and Clay Stevens with Lee & Associates-LA North/Ventura represented the buyer and the seller, a private family trust.

“With industrial vacancy in North Hollywood now below 1%, we had three prospective buyers jump on this offering in just four days,” said Kobata. “We consummated a deal agreement even before we completed our initial marketing launch.”

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