Lynwood Fields of Madison Partners tells that theportfolio occupies slightly over three acres and included a124,415-sf office building at 12020 Chandler Blvd., a 14,083-sfoffice building at 5232 Laurel Canyon Blvd., a parking structure at12032 Chandler Blvd., and two vacant lots. Fields and Madison's BobSafai represented the buyer and the seller, who had owned theproperty for more than 10 years.

Fields tells the buildings are 100% leased. Half ofthe space of the 124,415-sf office building is occupied by theCounty of Los Angeles Children's Services Division, and the otherhalf by Film Roman, an entertainment industry production company.The smaller building is occupied by a children's services agencyand a kidney dialysis center.

Fields notes that the portfolio sold for a 14% cap rate."There's some risk in the deal, but there's great cash flow andwith financing at 6%, it makes a lot of sense on a cash-on-cashbasis, and there is a lot of upside," he says. Fields points outthat the county's lease runs until the end of 2005 and the FilmRoman lease to the fall of 2003.

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