Lynwood Fields of Madison Partners tells GlobeSt.com 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 GlobeSt.com 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.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.