Mid-Rise LA Office Building Changes Hands

Curo Enterprises sold a 74,000-square-foot office property in North Hollywood, Calif., to Swift Real Estate Partners. The transaction was subject to an $18.8 million acquisition loan.

4640 Lankershim Blvd. in North Hollywood, Calif.
4640 Lankershim Blvd. in North Hollywood, Calif.

Working on behalf of Swift Real Estate Partners, CBRE Capital Markets has secured an $18.8 million acquisition loan for a 74,000-square-foot office asset in North Hollywood, Calif. CIBC provided acquisition financing for the deal. Curo Enterprises sold the property for $23.5 million.

The six-story asset, located at 4640 Lankershim Blvd., was completed in 1982 and underwent cosmetic renovations in 2013. The property features more than 200 parking spaces. The asset is situated four and a half miles from Interstate 5 and within walking distance of multiple restaurants, including Lotus Vegan, Little Toni’s and Cascabel.

“4640 Lankershim is a well-positioned boutique creative office project with abundant parking and easy freeway access. It offers tenants a discounted alternative to neighboring Burbank and Hollywood markets,” Kelsey Schultes, Swift investment manager, said in a prepared statement.

Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard with CBRE’s San Francisco branch negotiated the floating rate. CBRE’s Mike Longo, Sean Sullivan and Todd Tydlaska represented the buyer in the transaction. The new deal comes a few months after Swift sold two Portland historic office buildings to NBP Capital.

Image courtesy of Yardi Matrix