NORTH HOLLYWOOD, CA-The Metcalf Family Living Trust bought the Valley Corporate Center in North Hollywood from Patrician Associates Inc., a San Francisco-based investment partnership for $11.69 million.

Lynwood Fields of Madison Partners tells that the portfolio occupies slightly over three acres and included a 124,415-sf office building at 12020 Chandler Blvd., a 14,083-sf office building at 5232 Laurel Canyon Blvd., a parking structure at 12032 Chandler Blvd., and two vacant lots. Fields and Madison’s Bob Safai represented the buyer and the seller, who had owned the property for more than 10 years.

Fields tells the buildings are 100% leased. Half of the space of the 124,415-sf office building is occupied by the County of Los Angeles Children’s Services Division, and the other half by Film Roman, an entertainment industry production company. The smaller building is occupied by a children’s services agency and 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 and with financing at 6%, it makes a lot of sense on a cash-on-cash basis, and there is a lot of upside,” he says. Fields points out that the county’s lease runs until the end of 2005 and the Film Roman lease to the fall of 2003.

The larger office building actually consists of two structures, one built in 1957 and the other in 1981, which were repaired and renovated after the 1994 Northridge Earthquake. The 1957 portion is poured-in-place concrete and the 1981 building is steel frame. The smaller office building is a two-story, wood frame and stucco former bank branch that was constructed in 1963, and the parking structure was built in 1992.

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