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7/01/24
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A 5k sf, freestanding industrial building in North Hollywood sold for $2.4 mil ($484/sf). The building, located at 5358 Cartwright Ave, is situated in the vibrant North Hollywood Arts District.
The property sits on an 11.9k sf lot, zoned LAMR1. It includes ample parking, convenient truck loading access, a kitchen, an updated bathroom with four stalls and one shower, nine private offices, one roll-up door, and a distinctive bow-truss ceiling with high clearance. The site is within both a State Enterprise Zone and an Opportunity Zone, offering potential tax benefits. The buyer plans to utilize the building as a showroom warehouse.
Located near the 101, 134, 170, and I-5 freeways, this property is ideal for an owner-user. The North Hollywood area is one of the most lucrative submarkets in the San Fernando Valley, featuring significant new developments and multi-unit housing projects. The NoHo West development has further enhanced the area's appeal, which is known for its small theaters, arts-related activities, restaurants, bars, apartments, and mixed-use buildings.
Tina LaMonica, SIOR, with NAI Capital Commercial represented the buyer, an owner-user, in the transaction. The seller was repped by Ethan Donel, Alex Reyhan and Daniel Hirth with KW Commercial.
"My client drove by this property over the Memorial Day weekend and asked me to put in an offer right away,” Tina noted. “When I called the broker on Memorial Day, he said they had seven offers, and the owner was picking the buyer on Tuesday. I had to figure out a way to 'pull a rabbit out of a hat' to get this property for my client. I made an all-cash offer at full price. My client put up a large deposit, which was nonrefundable in five days. We only had five days to get all the inspectors and vendors through the property. What gave me the edge was letting the listing broker know I had all the inspections lined up prior to them accepting my client's offer. It was the quickest due diligence period I have ever had in a deal."
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