A charitable foundation has sold a 139,567-square-foot industrial park in North Hollywood for $37 million, with all proceeds going to help children and the elderly.
The Ben B. and Joyce E. Eisenberg Foundation sold the Sherman Way Industrial Center, consisting of five industrial buildings bordered by Raymer Street, Bellaire Avenue and Sherman Way, the San Fernando Valley Business Journal reported. The price was $265 per square foot.
The buyer of the 5.4-acre property was a joint venture of affiliates of Captiva Partners, based in Los Angeles, and Westbrook Partners, based in Florida.
The buildings are fully leased to 20 tenants, mostly in the construction and home improvement industries.
David Hasbrouck, Lars Platt, Benjamin Cooper and Mitchell Neff of Cushman & Wakefield represented the seller in the deal.
The Ben B. and Joyce E. Eisenberg Foundation, a charitable trust based in Los Angeles and founded by the late real estate developer Ben Eisenberg, has given $80 million to more than 200 charities over the past 36 years.
It owns The New Mart, a century-old gallery of apparel showrooms in the Fashion District.
The foundation, run by Joyce Eisenberg Keefer, has focussed its support primarily for medical research and the care of children and the elderly. It will donate all of the proceeds from the NoHo sale to multiple charitable organizations that it supports.
Ethan Eller, chief financial officer of the Eisenberg Foundation, said the sale helped the foundation “fulfill our mission statement and raise significant funding for our charitable endeavors.”
– Dana Bartholomew
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Commercial
Los Angeles
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