An Orange County firm has acquired a North Hollywood shopping center with plans to upgrade the complex. Marquis Property Co. in Anaheim purchased the 23,722-square-foot neighborhood center from Investment Development Services for $6.2 million. The owner will occupy an office in the two-story complex. “We’re planning on some tenant upgrades. There’s interest from national tenants,” said Bert Abel, Grubb & Ellis vice president who represented both the buyer and seller with Grubb’s Jeff Hanson and Ryan Gallagher. Abel said the center, at 4444 Lankershim Boulevard, sits at the border of North Hollywood and Toluca Lake, an attractive area for tenants because of the demographics and the number of apartment building in the immediate vicinity.
Shopping Center Sold