Investment and development firm Dunleer has sold a 38-unit multi-tenant industrial park in North Hollywood for $10.4 million, or nearly $350 per square foot, according to brokerage NAI Capital.
The asset, which Dunleer purchased in September 2020, is located at 7361 Ethel Ave., and was near full occupancy at the close of escrow.
Originally built in 1970 and situated on 1.5 acres, the 30,000-square-foot property is comprised of 38 units ranging from 600 to 1,000 square feet.
Chad Gahr and David Young of NAI Capital represented Dunleer in the transaction as well as the Southern California-based private buyer.
“Dunleer significantly improved this asset by completely repositioning it both inside and out. We overhauled the interior of the units and cosmetically redesigned the exterior as well as adding security fencing, concrete trash enclosures, exterior security lighting and new monument signage,” B.J. Turner, founder of Dunleer, said in a statement. “With the overall demand for industrial space in North Hollywood being at an all-time high, new ownership will have the opportunity to further mark leases up to market as they expire and realize future appreciation.”
Industrial vacancy in East San Fernando Valley is under 1 percent, according to Colliers International data. Asking price in the submarket’s industrial sector is $335 per square foot.