Cushman & Wakefield has advised charitable foundation, The Ben B. and Joyce E. Eisenberg Foundation, on the disposal of a fully leased industrial park totaling 139,567 square feet in North Hollywood, California, with all proceeds from the sale to support the foundation’s charitable activities.
Known as the Sherman Way Industrial Center, the multi-tenant property consists of five industrial buildings on ±5.39 acres that were 100% leased to 20 tenants, largely in various trades of the residential construction and home improvement industry.
The property sold for US $37 million to a joint venture between affiliates of Captiva Partners and Westbrook Partners. The Ben B. and Joyce E. Eisenberg Foundation is donating 100 per cent of the proceeds from the sale to multiple charitable organizations that it supports. The Foundation has given $80 million to more than 200 charities over the past 36 years.
Cushman & Wakefield Executive Managing Director David Hasbrouck, Managing Director Lars Platt, and Benjamin Cooper and Mitchell Neff with the company’s Capital Markets division represented the seller in the transaction. Paul Sims, also of the firm, provided leasing advisory services.
Hasbrouck comments: “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.
“The tenants are highly entrenched, having an average tenure of 12 years and with 87 per cent 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.”
Ethan Eller, the Chief Financial Officer of the foundation, adds: “The Ben B. and Joyce E. Eisenberg Foundation is delighted to once again have enlisted the invaluable aid of Cushman & Wakefield and Mr. Hasbrouck’s amazing team of professionals to help us to 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.”
Sherman Way Industrial Center is strategically located one block from the Hollywood Freeway with three other major freeways (US-101, I-5, I-405) within a 7-mile radius. The location is also 2.5 miles from the Burbank Airport.
“The property greatly benefits from direct access to the Southern California freeway system offering a central location for business owners and employees living in the greater San Fernando Valley and nearby West Los Angeles areas,” explains Platt.
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