TOLUCA LAKE, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of 4130 Cahuenga Blvd (top left photo)., a 73,150-rentable square foot three-story with mezzanine office building in Toluca Lake, an affluent area north of downtown Los Angeles near North Hollywood and Burbank.
The sales price of $15,225,000 equates to $208 per square foot.
Martin Cohan (middle right photo), a vice president investments in Marcus & Millichap’s West Los Angeles office, represented the seller, Cahuenga Plaza LP of Los Angeles.
Matthew Ziegler (middle left photo), a vice president investments in the firm’s Encino office, represented the buyer, Cahuenga Pacific LLC, a Sherman Oaks-based owner/operator with properties in Southern California and the East Coast.
“Cahuenga Plaza LP acquired the building 10 years ago to fulfill a 1031 exchange requirement,” says Cohan.
“When the decision was made to sell the property, we marketed it through our exclusive national platform and generated multiple offers. The building has a solid historical operating performance and Marcus & Millichap’s Southern California offices have access to investor capital that most other brokerage firms cannot match,” adds Cohan.
“This was a rare opportunity to acquire a high-caliber office building with historically stable tenancy in one of Southern California’s prime entertainment industry submarkets,” says Ziegler.
Built in 1984 on 27,974 square feet, the building is immediately accessible from U.S. Highway 101 and State Route 134 –the Ventura Freeway– and is near the Metro Red Line’s Universal City station.
Major tenants at 4130 Cahuenga Blvd. include A. Smith & Co. Productions, Performance Post Inc. and RSPE Audio Solutions.
The building features three elevators, two public restrooms per floor, a rear patio that opens onto a lushly landscaped courtyard and numerous upper-floor private balconies. Many of the units are finished with high-end creative build-out geared towards the production and post-production segments of the entertainment industry.
The property has two levels of secured subterranean parking for 201 cars.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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