Encino Sale Followed by Lease Deals

A 42,000-square-foot Encino office property has sold for $13.2 million, or roughly $314 a square foot, and the new owner quickly signed two new tenants.The property at 17000 Ventura Blvd. was originally built in 1960 and remodeled in 2020.Lee & Associates-LA North/Ventura Managing Director Scott Romick and principal Darren Casamassima negotiated the sale. Romick and Casamassima represented the seller, 17000 Ventura Blvd. LLC. Jared Smits, principal at Lee & Associates-LA North/Ventura represented the buyer, 17000 Ventura LLC.The buyer plans to hold the property as an investment and add it to nearby existing holdings, which are currently highly leased. Since the close of escrow, two leases have been signed and another is in negotiations to bring the building to above 90 percent occupancy.“This property is an excellent opportunity for an investor to own a prime commercial office asset on Ventura Boulevard in the Valley’s central business corridor surrounded by class A high rises owned by large institutions,” Romick said in a statement. “It has many features that tenants and businesses are looking for today – low rise, easy access, good parking, open-air spaces with private balconies and tenant outdoor seating.”Added Casamassima: “Office investments in good locations are still opportunistic for smart investors. For many of our clients, now is a good time to take advantage of lower prices and be positioned for the potential for recovery.”