Lucrum Real Estate Group is proud to announce that our Client, a Lucrum Legacy Partner successfully closed and acquired a single-tenant NNN property leased to a Carl’s Jr. It is located at 6202 Laurel Canyon Blvd. in the City of North Hollywood, California.
The property, which is leased to a franchisee, consists of 2,926 ± building square feet and was built in 1976.
The property is located on a large 16,406± sf lot within the Opportunity Zone on the signalized corner of Laurel Canyon Blvd and Sylvan St. The franchisee, who owns over 450 locations throughout the United States is on the first year of a newly signed 20 year, NNN lease, which equates to a day-one Cap Rate of 4.89%.
The Carls Jr is located directly across the street from the new 1-billion-dollar mega project, NOHO West. NOHO West is the long-awaited retail and entertainment destination in the heart of North Hollywood, developed by Merlone Geier Partners and GPI Companies.
The all-new community plaza includes 642 apartment units centered around 382,000 sf of retail on over 25 acres. Well known retailers include, Regal Movie Theaters, La Fitness, Traders Joes, Starbucks, Jersey Mikes, The Stand, Spectrum Verizon and See’s Candies just to name a few.
6202 Laurel Canyon Blvd. is quickly becoming an irreplaceable property in a prime location of North Hollywood and central to Sherman Oaks, Studio City, Toluca Lake and Burbank, making it a highly sought after and desired investment opportunity.