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4/30/15
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A two-story, 12.5k sf office building in Los Angeles, traded hands for $3.85 mil, or $308/sf. The building, located at 3211 Cahuenga Blvd, near the southern edge of Universal City at Barham Blvd, is fully occupied by several tenants.
The property is located across the freeway from Universal Studios and close to both Hollywood and the San Fernando Valley markets. The buyer is planning on making significant improvements to the asset to add value and garner market rate rents.
Roger L. Beck, SIOR, of Charles Dunn Company represented the buyer, Los Angeles-based 3211 Cahuenga LLC. Stacy Vierheilig-Fraser, also with Charles Dunn, repped the seller, a private investor from Los Angeles.
“The buyer had been looking for a well-located office investment for over a year,” commented Beck. “Over that time period office pricing has risen more than $50 per-square-foot largely due to the lack of inventory and buyer demand. We were able to act quickly by presenting a strong, all-cash offer and quick closing prior to the property hitting the market.”
“The demand for small office property in Los Angeles is extremely high as investors are seeking tangible assets as way to diversify their investment holdings,” said Vierheilig-Fraser. “It is very seldom that a quality, ideally located property becomes available and because of this, many transactions are closed off-market.”
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