A 37,600-square-foot industrial property in North Hollywood has sold for $14.3 million, or $380 per square foot.
The property is located at 5446-5450 Satsuma Ave. within the East San Fernando Valley submarket. Built in 1952 and renovated in 2017, the site features four buildings including 13,000 square feet of cargo containers converted to creative office space, a 1,400-square- foot office, and a pair of warehouses spanning 8,000 square feet and 20,000 square feet.
The property is situated minutes from the 101 and 134 freeways and the NoHo Arts District.
Executive Vice President Adam Comora with NAI Capital’s Investment Services Group completed the sale on behalf of the buyer, Happy Place Stages LLC, a full-service creative studio for content creation. The new owner plans to occupy the property.
“We are seeing strong demand from users to purchase production space. Good product is in short supply. We spent a considerable amount of time searching for the right property,” Comora said. “The East San Fernando Valley is one of the most-sought submarkets in the region from media and entertainment users. The location, layout and functionality of the property is ideal for the buyer’s business.”
