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NORTH HOLLYWOOD, CA-The private investor Cyrus Etemad, of Northern Calif., has purchased a 28,392-sf office and retail property in the North Hollywood section of the city. Southern Calif.-based Woodman Partners sold the site. The transaction was valued at $2.88 million, or $101 per sf.

The property is located at 6736-6750 Laurel Canyon Blvd. in North Hollywood. It was 100% leased at the time of sale. The capitalization rate on the deal was about 12% at the time of sale.

The three-story building features a three-to-one ratio of parking on its premises. The major office tenant is the State of California, which occupies the top two floors of the building. The retail space is the ground level of the building. The new owner wants to push rents on the retail side of the property when leases lapse.

David Ghermezian of Grubb & Ellis’ West Los Angeles office represented both the buyer, Cyrus Etemad, and the seller, Woodman Partners, in this transaction.

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