|
|
5/10/23
|
BKM Capital Partners has purchased Valley East Industrial Park, and 84.4k sf light industrial park in North Hollywood, for $25.3 mil ($300/sf). Situated on over two acres at 7041 Vineland Ave, the property will be renamed Backlot NoHo as part of BKM’s massive repositioning plan.
Located in the heart of the San Fernando Valley, Valley East sits adjacent to the Burbank Airport and is within proximity of the largest concentration of studio production and entertainment operations in the world. The asset was built in 1969 and consists of 36 units across two rear-loading industrial buildings, with an average suite size of 2.4k sf.
BKM will implement a $6.3 mil capital improvement plan over the first year of its hold period to improve the asset’s performance, costs and efficiency, while adhering to the firm’s ESG standards and drive new leasing and residual value. The upgrades also call for the reconfiguration and consolidation of some units, to provide larger suites that modern tenants are seeking.
“The majority of North Los Angeles multi-tenant assets are 1960s’ vintage and retain their original exteriors,” stated Brett Turner, Senior Managing Director of Acquisitions and Dispositions at BKM. “Updating Valley East’s exterior will result in a complete rebrand that will allow it to compete at a higher level than currently comparable assets, while reflecting the brand style and standards for which BKM has become known."
Valley East Industrial Park’s centralized Los Angeles location provides immediate access to major transportation routes including I-5, I-405 and CA-170, in addition to same-day access to the logistics hubs at the Ports of Los Angeles and Long Beach.
Mark Detmer at JLL represented the seller, LAIS Equities. BKM represented itself in the transaction.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
