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| 956 Seward Street, Hollywood, CA |
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| Martin McDermott |
Los Angeles, CA – Avison Young, the world’s fastest-growing
commercial real estate services firm, announced today the sale of 956 Seward
Street in Hollywood. The property consists of 1.29 acres of land and an
historic, two-story, 41,000-square-foot (sf) film vault that will remain in
operation.
Avison Young
Principal Martin McDermott, based in the company’s West Los Angeles
office, represented the buyer, Avon Studio Transportation, which will use the
site to enable its vehicles within Hollywood to serve clients more effectively
and efficiently.
Supporting the
entertainment industry for 36 years, Avon Studio Transportation boasts
one of the largest independently owned and operated fleet of vehicles in
Southern California and has locations in Hollywood, Beverly Hills and Santa
Monica.
The property was
purchased from Editing Film Center and BENHAR Company, who had owned the
property since it was built in 1952. The sellers were represented by Seth
Stuart of Zurich Investment Company.
“This transaction
closed many years after the search for additional parking space began with my
client,” comments McDermott, an expert in owner-user transactions.
“The challenge for
Avon Studio Transportation’s specific requirement was that developers had pushed
prices beyond what would work for owner-users prior to the economic downturn.
"This property provided the ideal location and was also perfectly timed, as
pricing is still favorable and we were able lock in an SBA loan at an interest
rate below 4%.”
McDermott adds that Avison Young introduced Avon Studio to
its lender on the property, Union Bank. A favorable SBA loan was secured before
interest rates began to rise.
“About six years ago
after an exhaustive search for a space in Hollywood, Martin identified a small
parcel of land that was available.
" Interest rates were at 6% to 7% at that time
and I was considering a very high price-per-square-foot for something less than
ideal for my business needs because the market was so tight,” says Nelson
Silver, founder/owner of Avon Studio Transportation.
“After careful
consideration, Martin and I elected to not settle. By waiting, we were
ultimately able to achieve a much better deal all around with a considerably
lower interest rate and about $100 less per square foot than the previous
space. This Seward site is also the size I needed and is in the perfect
location.”
Silver added that
there is currently some demolition occurring on the site, and plans for
occupancy are anticipated for November 2013.
For a complete copy of the company’s news
releases, please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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