7254 Coldwater Canyon Avenue, North Hollywood, CA 91605
Commercial property · 2 recorded sales since 2019
Sold March 2019
Listing Agent: Krikor Garabedian (DRE #01216376) · Listing Office: Keller Williams R.E. Services · Contact: 818-432-3200 · Bought with: Krikor Garabedian · Keller Williams R.E. Services · MLS #GD18224671 · Source: CRMLS
About this commercial property
We are pleased to present an industrial single tenant opportunity in North Hollywood, California featuring TechAir, one of the nation’s leading suppliers of industrial gasses and equipment. The lease is an Industrial Single Tenant Net Lease obligating the tenant to pay for 100% of the property expenses, property taxes, insurance and maintenance making this lease an Absolute NNN lease. The Subject Site is fully leased by TechAir and contains approximately 1.11± acres of land and 5,780± square feet of building in accordance to the Property Profile reports. In addition, there are substantial specialized improvements, which may be irreplaceable or difficult to replicate should the tenant decide to move. Especially considering the low industrial inventory of North Hollywood and the general San Fernando Valley market, there would be significant logistical and regulatory burdens the tenant would have to endure to find another comparable location. The tenant’s current lease started in 2013 and extends to July 2018. Tenant has two 5-year options to extend their lease and has exercised their first option. In the second 5-year option, the rents adjust to “Prevailing Market Rents”, which in our opinion, has seen a substantial increase in the past several years. At it’s current list price the property delivers a 4.75% cap rate with room for improvement at the end of the first option period.
Listing description from the March 2019 sale, as reported to CRMLS.
Sale history
