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Tuesday, Mar 19, 2024

Real Estate Quarterly: San Fernando Valley

At $2.33 a square foot, office space in the Valley is 31 percent less expensive than the L.A. County average of $3.05. Vacancy rose in the first quarter to 12.7 percent, up from 12.5 percent in the previous quarter, according to Colliers International. Industrial space remains at a premium with a 1.3 percent vacancy rate. Main Events -Oaktree Capital Management in Los Angeles bought five buildings at Warner Center in Woodland Hills for about $236 million. The investment firm paid just under $292 a square foot for the 14-acre property at 21271, 21281 and 21301 Burbank Blvd. and 5700 and 5820 Canoga Ave. -The 231,000-square-foot Woodland Hills Corporate Center has sold to Somerset West Partners in New York for $51 million. The office park is at 21021 Ventura Blvd. -The nearly fully occupied Cahuenga West office building in Universal City sold for about $36 million, or about $350 per square foot. The five-story, 103,000-square-foot property at 3330 Cahuenga Blvd. West was purchased by 4M Investment Corp. in Los Angeles. The seller was Blackstone Group. -Clay Lacy Aviation has signed a lease to occupy 7701 Woodley Ave. at Van Nuys Airport while a new tenant is sought to redevelop the site. The five-year lease approved by the airport commission calls for an annual rent of $812,000. -Encino-based Gelb Group bought Warner Center Gateway, a 104,244-square-foot office building at 6200 Canoga Ave. in Woodland Hills, for $22 million. -Tortilla maker Mission Foods has taken an additional 51,000 square feet of distribution space at 14400 Arminta St. in Van Nuys. The location is one block from Mission’s 200,000-square-foot processing plant. Financial details were not disclosed. -Combination apartment and office complex at 24100 and 24106 Calabasas Road in Calabasas sold for $8.2 million. New York-based Golden Medtech Holdings is the new owner of the 18,279-square-foot property. -Event planning company Best Events paid about $4 million to buy the 20,000-square-foot warehouse at 15030 Keswick St. in Van Nuys. The property is an expansion for the buyer.

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