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2/14/17
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Los Angeles-based 4M Investment Corporation recently closed on an office acquisition in the San Fernando Valley, purchasing a five-story, 103.2k sf building in Universal City. The Class A property is located at 3330 Cahuenga Boulevard West, south of Universal Studios and Toluca Lake, adjacent to the 101 Fwy.
The property is 98 percent leased to a multi-tenanted rent roll including Extreme Reach, Inc., Panasonic, EPS-Cineworks, and Abominable Pictures. 3330 Cahuenga offers high visibility, unobstructed views, a 3.8/1,000-square-foot parking ratio, and proximity to major studios in the vicinity that promote a strong business-to-business environment.
Built in 1988, 3330 Cahuenga has prominent visibility from the 101 Fwy and Cahuenga Blvd. It is also proximate to the 134 and 5 freeways. The property offers access to nearby amenities including Universal Studios, Paseo de Cahuenga Park, Starbucks, Breakroom Café, Culinary Boutique, LA Fitness and Mercado, amongst others. It is also convenient to a number of major studios including NBC/Universal, ABC/Disney, and Warner Bros.
NGKF Capital Markets’ President, West Coast Capital Markets Kevin Shannon, Senior Managing Director Rob Hannan, and Managing Director Michael Moll, along with local market leasing team, Rob Erickson and Trevor Belden of Industry Partners, represented the seller, Blackstone.
“This is an institutional asset that offers tenants creative spaces as well as a location that is near a concentration of entertainment and tech firms in the neighboring Burbank and Hollywood markets,” said Shannon. “The property offered the buyer the opportunity to add value by implementing a modest renovation plan and bringing rents to market rates as leases expire.”
Shannon noted that Class A office vacancy in the Universal City submarket is currently at 2.7 percent, providing even further testimony that the property will likely experience sustained tenant demand and near-term rental growth.
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