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Tech Air | 7254 Coldwater Canyon | North Hollywood, CA
Listing was updated at: 09/28/2018
Property Overview
Price/Rent PSF $ 4,495,000.00
Asset Type Industrial
Trade Type Sale
SQ. FT. Available 5,780
Date Available 09/28/2018
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Description

LocationNorth Hollywood is a neighborhood in the east San Fernando Valley region of the City of Los Angeles. The property is located on Coldwater Canyon Boulevard near Sherman Way and Coldwater intersection. Within close proximity to the property is El Super, Staples, the 99-Cents Only Store and many more restaurants and retailers. North Hollywood is home to the NoHo Arts District and the Academy of Television Arts & Sciences, and it has seven public and eight private schools.SaleKW Commercial is pleased to present an industrial single tenant opportunity in North Hollywood, California featuring TechAir, one of the nation’s leading suppliers of industrial gasses and equipment. The lease is an Industrial Single Tenant Net Lease obligating the tenant to pay for 100% of the property expenses, property taxes, insurance and maintenance making this lease an Absolute NNN lease. TechAir is a family run company with a national reach, with over 40 locations and 500 employees, TechAir is one of the largest private companies in the contained gases industry. TechAir serves a multitude of industries including factories, Metal Fabrication, Construction, Food & Beverage, Healtcare and Research firms. From cylinder gases to bulk liquid supply, TechAir handles all aspects of the cointained gases industry including delivery, equipment rental or repair, design, installation and even automation. TechAir has locations in 13 states across the USA and has consistently expanded its reach. The Subject Site is fully leased by TechAir and contains approximately 1.11± acres of land and 5,780± square feet of building in accordance to the Property Profile reports. In addition, there are substantial specialized improvements, which may be irreplaceable or difficult to replicate should the tenant decide to move. Especially considering the low industrial inventory of North Hollywood and the general San Fernando Valley market, there would be significant logistical and regulatory burdens the tenant would have to endure to find another comparable location. The tenant’s current lease started in 2013 and extends to July 2018. Tenant has two 5-year options to extend their lease and has exercised their first option. In the second 5-year option, the rents adjust to “Prevailing Market Rents”, which in our opinion, has seen a substantial increase in the past several years. At it’s current list price the property delivers a 4.18% cap rate with room for improvement at the end of the first option period. This offering presents a unique opportunity for an investor to take advantage of purchasing a NNN leased industrial asset in in a high barrier of entry market of the San Fernando Valley in the County of Los Angeles.

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