Marcus & Millichap is pleased to present the opportunity to acquire the property located at 8210 to 8222 Lankershim Boulevard in North Hollywood, California. The subject property consists of approximately 66,400 square feet of warehouse space and is situated on 3.27 acres of land. The three-building asset features 41 suites, 38 grade-level doors, two low-rise dock doors, a clear height of 12’, and 60 parking spaces. At 94.58 percent occupied with below-market rate expiring leases and month-to-month terms, the asset offers investors a value-add lease-up opportunity. Located in the East San Fernando Valley submarket, the property has close proximity to Hollywood Burbank Airport and major thoroughfares including Interstate 5, Hollywood Freeway (U.S. Route 101/ State Route 170), and Ventura Freeway (State Route 134).
East San Fernando Valley contains a sizeable 55.4 million square feet of industrial space. As one of the original industrial and manufacturing hubs in the Los Angeles market, 91.5 percent of the inventory is concentrated in small and mid-sized warehouses up to 200,000 square feet. Given the lack of available land, the submarket’s inventory has remained stagnant since the early 2000s. During the fourth quarter of 2023, the vacancy rate in East San Fernando Valley rose slightly to 2.6 percent, up 100 basis points year-over-year. Despite availability remaining tight, annual rent growth slowed to a decade-low of 3.4 percent. However, with only 107,000 square feet of industrial space under construction in East San Fernando Valley (representing 0.2 percent of inventory), vacancies and rents will largely be unaffected by new supply for the foreseeable future (CoStar).
The Los Angeles metropolitan area is home to a diverse population of 10.1 million, including over 4 million residents within city limits. The second largest city in the U.S. boasts an 81-mile coastline along the Pacific Ocean and is encircled by the picturesque Santa Monica and San Gabriel mountains, including the towering Mount San Antonio. Simply known as L.A., the city features a well-connected transportation network, including major interstates, Amtrak, Metrolink, and Los Angeles International Airport (LAX). The entertainment industry, nine Fortune 500 companies, and a prominent aerospace sector drive the economy. Los Angeles’ industrial activity is anchored by the Ports of L.A. and Long Beach which play a major role in the domestic supply chain as the leading point of imports from East Asia. With a growing population and high home prices, Los Angeles remains a vibrant and culturally rich metropolis.
BROKER OF RECORD
Jim Markel
Encino Broker of Record
16830 Ventura Boulevard, Suite 100
Encino, CA 91436
Tel: (818) 212-2700
Jim.Markel@MarcusMillichap.com
License #: 01253407
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0060862)
