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12/14/21
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A 38-unit, 30k sf multi-tenant industrial park in North Hollywood was purchased by a SoCal-based private investor for $10.4 mil ($347/sf). The property, located at 7361 Ethel Ave, was nearing full occupancy at the close of escrow.
Originally built in 1970 and situated on 1.5 acres, the property offers units ranging in size from 600 sf to 1k sf. It was sold by Dunleer, who acquired the asset in September 2020.
The property is within the San Fernando Valley submarket, which has an industrial vacancy rate of under 1%. It is proximate to Burbank Airport and Van Nuys Airport, as well as major freeways such as the 405, 5 and 101.
According to BJ Turner, Founder at Dunleer, the company significantly improved the asset by completely repositioning it both inside and out. They overhauled the interior of the units and cosmetically redesigned the exterior as well as adding security fencing, concrete trash enclosures, exterior security lighting, and new monument signage, among other improvements.
At almost $350 per square foot, the sale achieved one of the highest industrial per square foot prices for a multi-tenant industrial asset in Los Angeles and delivered over a 60% IRR to Dunleer’s investors. Chad Gahr and David Young of NAI Capital represented both parties in the deal.
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