An East Coast real estate firm has teamed up with a Woodland Hills property management company to buy a block of retail property along busy Lankershim Boulevard in the heart of the NoHo Arts District.
Camden NOHO SPV LLC, a joint venture of Camden Securities Co. of White Plains, N.Y. and Hayes Capital Management of Woodland Hills, spent $19.4 million on 90,000 square feet of retail in three parcels located between 5101 and 5125 Lankershim Blvd. The off market deals closed in April.
The purchase marks Camden’s first West Coast investment in more than a decade. The family-owned firm has nearly three dozen shopping center and multifamily properties in its portfolio, mostly located in Texas and the Southeast.
Camden Chief Executive Adam Heine felt this was an opportune time to expand the firm’s West Coast presence in tandem with local operators, said Patrick Ayau of Lee & Associates West L.A., who brokered the deals with his colleague Andrew Wilson. “They see this as an interesting area, close to transit and with a lot of employment from the four major studios nearby,” he explained.
The retail buildings, located along the west side of Lankershim between Hartsook and Otsego streets, are fully leased to tenants including a golf shop and a dance studio. Once the properties are vacated, the developers plan to reposition the block in an adaptive reuse project, Ayau said.