JLL completes sale of North Hollywood medical office building
4343 Lankershim Blvd. is fully leased to major health institution
SAN DIEGO, Oct. 26, 2021 – JLL Capital Markets announced today that it has completed the sale of 4343 Lankershim Blvd., a 32,418-square-foot medical office building in North Hollywood, California.
JLL represented the seller, GPI Companies. Principal Real Estate Investors purchased the asset in an off-market transaction.
4343 Lankershim is a three-story medical office property fully leased to a major locally based health institution. The facility offers pain medicine and digestive disease services.
The property is positioned along Lankershim Blvd., a busy commercial corridor in the North Hollywood submarket of Los Angeles. This location is just south of the Ventura Freeway and close to the Routes 170 and 101 interchange providing convenient access throughout the Greater Los Angeles area. Surrounding demographics include over 634,000 residents within a five-mile radius and median home values in excess of one million dollars.
The JLL Healthcare Capital Markets team representing the seller was led by Managing Directors Andrew Milne and Evan Kovac and Director Matt DiCesare as well as JLL’s Los Angeles Healthcare Markets team led by Bryan Lewitt.
“4343 Lankershim is an exceedingly rare opportunity to acquire an institutional-quality medical office building fully occupied by a blue-chip healthcare tenant,” said Milne. “The new owner has the ability to build a long-term relationship with the tenant as they continue to expand their footprint within one of the nation’s top medical office markets.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About GPI Companies
GPI is a full-service commercial real estate investment and operating platform which specializes in the acquisition, development, repositioning, and management of office, retail, multifamily, and mixed-use properties located in California’s major metropolitan areas.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $96.0 billion in commercial real estate assets (as of June 30, 2021). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.