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11/02/17
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Swift Real Estate Partners closed on its second office acquisition in the last 12 months, paying $23.5 mil for a 73.9k sf ($318/sf), Class A building in North Hollywood. The property was recently renovated by the seller, Curo Enterprises, prior to this deal and is currently 100% leased to multiple tenants.
The building is located at 4640 Lankershim, within the Media District submarket in the eastern San Fernando Valley. The site sits near three major freeways, less than one mile from the North Hollywood Metro Station, and a short minute drive to three major Hollywood studios.
CBRE’s Todd Tydlaska, Mike Longo, Sean Sullivan, Matt Heyn, and Troy Pollet represented Curo Enterprises in the transaction. Swift also recently acquired The Academy Tower, a 176k sf office and retail project a couple blocks down the street from 4640 Lankershim.
“4640 Lankershim offers a strong rent roll and great in-place cash-flow,” said Longo. “This strategic acquisition gives Swift an expanded presence in the fast-improving North Hollywood market, and allows them to continue the success they are having at the Academy Tower.”
North Hollywood (NoHo) is a rapidly evolving neighborhood. The property is surrounded by a variety of urban retail, dining, and entertainment options with more than 100 restaurants, bars, and gyms within walking distance. NoHo is known for its eclectic blend of theaters, plus art galleries, theater houses and comedy clubs.
Investment activity remains strong in the Greater Los Angeles office market, according to CBRE Q3 research. Office employment in the region has continued to grow at a steady pace, consistent with broad economic expansion. Rents are likely to continue to tick higher through the remainder of the year due to anticipated growth in demand for office space.
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