M West Holdings Announces the Acquisition of Cahuenga Plaza

LOS ANGELES, Jan. 17, 2012 /PRNewswire/ --M West Holdings ("M West") announced today that it has acquired Cahuenga Plaza, a 73,150 square foot office building located at 4130 Cahuenga Blvd in the Toluca Lake submarket of Los Angeles.

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Cahuenga Plaza is directly adjacent to NBC/Universal's headquarters, numerous Film Studios, and the Universal Studios Theme Park. Offering excellent access to Warner Brothers and Disney Studios, the building is nearby Burbank, Downtown Los Angeles, West Los Angeles and Hollywood.  A short walking distance to the Metro Red Line Universal City subway station, the amenity-rich property is conveniently located near the 101, 170, 134 and 405 freeways, providing tenants with superior accessibility to the entire city as well as nearby restaurants, hotels and retail services.

"The investment is representative of the M West Holdings' value-added office investment strategy. Our end goal is a repositioning the property into a stabilized income-producing core asset," stated Karl Slovin, M West Holding's President.  "Location was a key determinant in our decision to acquire Cahuenga Plaza. Office buildings with a value-add component rarely become available within this submarket, and we are certainly excited to execute our remodel plan," said Slovin.

Featuring three elevators and two public restrooms per floor, 4130 Cahuenga Blvd offers highly-functional and efficient floor plates designed to maximize each tenant's use of space. Geared towards the film and television production and post-production industries, some suites are currently finished with high-end creative finishes. Many of the offices have sweeping views of the Toluca Lake Country Club and Universal Studios. A rear patio opens onto a lushly landscaped courtyard, and numerous suites on the upper floors have private balconies.

M West has engaged Polaris Property Management as its property manager for Cahuenga Plaza, and M West will asset manage the property from its Sherman Oaks headquarters.  M West aims to rely heavily on its experience and core competencies associated with value-add transactions to not only address deferred maintenance and overall property appearance, but also to realize additional income through aggressive leasing activities.

Matthew Ziegler of Marcus and Millichap sourced and facilitated the transaction for M West and Malcolm Johnson of Bank of America provided the financing package. 

SOURCE M West Holdings