A freestanding North Hollywood warehouse has sold for $3.1 million.
The 7,899-square-foot industrial building at 7306 Varna Ave. is situated on a M2 zoned parcel and has been renovated.
The building, which is primed for an owner-user investment opportunity and can be divided into multiple units, features multiple loading doors, parking and a fenced and secured yard.
Executive Managing Director Yair Haimoff of Spectrum Commercial Real Estate represented the undisclosed seller in the transaction.
“The unprecedented demand for industrial buildings coupled with the limited supply in the San Fernando Valley made this property attractive to multiple buyers looking for a M2 zoned building” Haimoff said in a statement. “This building in particular was very appealing to buyers looking to occupy a portion of the building and lease out the remainder of the units.”
The San Fernando Valley industrial market has been a solid performer throughout the pandemic. In East San Fernando Valley, where North Hollywood is located, vacancy has been at 0.5 percent with asking rents at $1.40 per square foot, according to Colliers International data for the fourth quarter.