LOS ANGELES, April 5, 2017 /PRNewswire/ -- Barak Investors Group & MIP Investment completed the acquisition of a class A office building located at 3330 Cahuenga Blvd which traded in high $30s. Kevin Shannon Team (NGKF) as exclusive advisor represented the seller on this transaction. Barak Investors Group & MIP Investment arranged the acquisition of this transaction to the investors "CAHUENGA INVESTMENT LLC; CAHUENGA EQUITY LLC.
3330 Cahuenga is a 5-story Class A steel-frame office building, containing 103,154 square feet of rentable area, located in the prestigious Universal City market. The Property is 92% leased to an excellent tenant roster that includes Extreme Reach, Inc., Panasonic, EPSCineworks, and Abominable Pictures. 3330 Cahuenga caters to the market's deep media, entertainment, and tech tenant base found immediately in Universal City and the adjacent Burbank and Hollywood markets.
The Acquisition arranged by Barak Investors Group & MIP Investment on 3330 Cahuenga has made an attractive initial in-place strong yield & strong in-place cash flow and immediate upside through lease up of the remaining vacancy which makes this transaction a unique & phenomenal investment for this market. With a current vacancy of 2.7% in the Universal City market, very few opportunities exist for tenants to lease quality office space, which helps position 3330 Cahuenga to benefit from significant near-term rental appreciation. The investors also benefit from immediate rental upside provided by in place rents that are approximately 13% below market.
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SOURCE Barak Investors Group & MIP Investment