A private investor has paid $7 million for a 20,150-square-foot creative office building in Toluca Lake.
West Toluca Lake Plaza, at 10999 Riverside Drive just south of the 134 freeway, is a three-story building occupied mostly by entertainment tenants. It is located between Vineland Avenue and Lankershim Boulevard.
Darren Casamassima, a principal at brokerage Lee & Associates-LA North/Ventura, represented the buyer, a private real estate investor and the seller.
“The seller acquired the property in 2005 and completed a number of renovations that allowed for significant rent increases,” Casamassima said in a statement. “The seller had no plans to divest, but the current demand for creative office space presented a sound exit strategy.”
The sale was part of a 1031 exchange for the seller, Casamassima added.