A fully leased industrial park totaling 139,567 square feet in North Hollywood has sold for $37 million with 100% of the proceeds going to charity.
The Ben B. and Joyce E. Eisenberg Foundation, a charitable foundation, dispositioned what is known as the Sherman Way Industrial Center, a multi-tenant property consisting of five industrial buildings on 5.39 acres. The site — leased to 20 tenants, largely in various trades of the residential construction and home improvement industry — is strategically located one block from the Hollywood Freeway with three other major freeways within a seven-mile radius. The location is also 2.5 miles from the Hollywood Burbank Airport.
The property sold to a joint venture of affiliates of Captiva Partners and Westbrook Partners. The Ben B. and Joyce E. Eisenberg Foundation – which has given $80 million to more than 200 charities over the past 36 years — will donate all of the proceeds from the sale to multiple charitable organizations that it supports.
David Hasbrouck, Lars Platt, Benjamin Cooper and Mitchell Neff with Cushman & Wakefield’s Capital Markets team represented the seller in the transaction. Paul Sims of Cushman & Wakefield provided leasing advisory services.
“This asset presented a unique investment opportunity to acquire a multi-tenant industrial park in a central, urban in-fill Southern California location amidst strong market conditions leading way to further potential upside,” Hasbrouck said in a statement. “The tenants are highly entrenched, having an average tenure of 12 years and with 87% of the square footage being occupied by the same tenant for over eight years.”
“Our team is proud to have been involved in this transaction and also acknowledge The Ben B. and Joyce E. Eisenberg Foundation for its great community work and in generously donating the proceeds of this sale to help those less fortunate,” added Hasbrouck.
Ethan Eller, chief financial officer of the Ben B. and Joyce E. Eisenberg Foundation, said the sale helped the foundation “fulfill our mission statement and raise significant funding for our charitable endeavors. From children to seniors, and all those in-between, we assist in quality-of-life issues for people all around the world.”