Swift Real Estate Partners has sold a six-story, 73,972-square-foot office building in North Hollywood, Calif., for $30 million. Newmark Knight Frank represented the seller, while the buyers, Rockwood Capital and Artisan Realty Advisors, were self-represented.
The multi-tenant Class B asset was built in 1982 and is located at 4640 Lankershim Blvd. The property is 98 percent leased to tenants from the entertainment industry, as well as to companies providing financial, educational and professional services.
After purchasing the asset in October 2017, Swift Real Estate Partners reconditioned the restrooms, the lobby and created a large outdoor lounge, which brought the project’s occupancy from 70 percent to stabilization. According to Yardi Matrix, Swift paid 23.5 million for the building, which had received a cosmetic restoration in 2013.
This is the second North Hollywood asset that trades between Swift and the same buyers. In August 2019, Rockwood Capital and Artisan Realty acquired Academy Tower, a Class A, two-building property at 5200 Lankershim Blvd., for $121 million.
NKF’s Rob Hannan, Laura Stumm, Ken White, Mike Moll along with Kevin Shannon, co-head of capital markets, were part of the team that brokered the deal.