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Thursday, Mar 28, 2024

Real Estate Column—Tax Preparation Service Takes Over Old Bank Branch

More than two years ago, a spate of mergers signaling a sea change in the way banking is conducted left many San Fernando Valley retail bank branch offices vacant. Now, one of those vacant offices will be converted to accommodate a new H & R; Block operation, the first of its kind in the Valley. H & R; Block has signed a sublease deal to take over a former California Federal Bank branch at 5850 Canoga Ave. in Warner Center. The 7,080-square-foot space on the ground floor of the office building will be converted to an H & R; Block Financial Services outpost, an operation created when Block acquired discount brokerage Olde Financial Corp. last year. H & R; Block Financial Services combines the company’s traditional tax preparation services with financial planning and investment services. “Our clients say they want more than tax help from us, and in order to do that we’ve been making purchases like the Olde centers,” said Neil Getzlow, a spokesman for Kansas City-based H & R; Block. Since the acquisition in September 1999, Block has converted about half of Olde’s 180 outposts nationwide. Getzlow said that, eventually, all the H & R; Block retail centers will offer a complete line of tax and financial services. The new offices at 5850 Canoga had been vacant since CalFed parent First Nationwide Holdings Inc. merged with Golden State Bancorp Inc., parent of Glendale Federal Bank, in 1998. Many of the spaces left vacant when Washington Mutual Inc. acquired Great Western Financial Corp. and H.F. Ahmanson & Co., and CalFed and GlenFed merged two years ago, were quickly grabbed up by retail tenants who were anxious for the prime, corner properties on heavily traversed intersections that the banks were vacating. But properties like the one at 5850 Canoga, situated among office complexes, were slower to attract new tenants. The space is ideal, however, for an operation like H & R; Block, said Bill Inglis, broker with CB Richard Ellis Services, who represented the tenant. “It’s perfect,” Inglis said. “The parking is free and there’s plenty of it. They can have clients come all day long and there’s no additional expense.” Rex Lowe at Lincoln Property Co. represented CalFed, which is subleasing the space. Dressing Up Pacoima A Pacoima-based garment manufacturer has inked a deal for 51,590 square feet of industrial space to expand its facilities. Strategic Partners Inc. leased the space at 13592 Desmond St. in Pacoima for warehousing. Strategic Partners makes uniforms for hospitals and schools. Bennett Robinson and Craig Peters of CB Richard Ellis represented the landlord, Shane Demirjian, in the deal. David Young at NAI Capital Commercial represented the tenant. Burbank Deal Private investment firm DARC Properties acquired a 36,480-square-foot property in Burbank. The purchase price was undisclosed. DARC, currently located in Hollywood, will use the facility for its own offices. David Young, a broker with NAI Capital Commercial, represented the buyer. Brett Warner with Lee & Associates represented the seller, David Augustine. Bound for Warner Center Two new tenants will be moving into Warner Corporate Center at 21300 Victory Blvd. in Woodland Hills. Broadstream.com, a streaming video company, has leased 15,300 square feet of space at the building. Camp Dresser McKee Inc., an environmental engineering firm, will also be consolidating two offices currently in Thousand Oaks and Carlsbad into 5,600 square feet of space in the building. Tom Specker, a broker with Charles Dunn Co., represented the building owners. Greg Tippin at Insignia ESG Inc. represented Broadstream.com. Ron Wade with Cushman & Wakefield of California Inc. represented Camp Dresser McKee. Apartment Sales Marcus & Millichap Real Estate Investment Brokerage Co. has closed several deals in the San Fernando Valley. The firm brokered the sale of Lennox Avenue Townhomes, a 43-unit complex in Van Nuys, for about $2.8 million to a private investor. Kaufman Bloomfield Properties was the seller. Marcus & Millichap also handled the $2.5-million sale of Elm Villa, a 24-unit apartment complex in Glendale, to Redfern Family Trust; and the $1.9-million sale of Roscoe Villas in Panorama City by Ben Chen to George Ekins. The buyer and sellers for the Panorama City and Northridge properties were not disclosed. Retail Expansion With business brisk at its newly opened retail store, Reed’s Furniture has leased an additional 30,000-square-foot warehouse facility to triple its storage capacity. Reed’s inked the deal at 2651 Lavery Court in Newbury Park following the opening this summer of its retail store in Agoura Hills. About 10,000 square feet of the 61,000-square-foot retail facility was earmarked for warehousing. The new warehouse is a free-standing facility. The three-year lease on the warehouse is valued at $550,000. Merv Einbund, a broker at Westcord Commercial Real Estate Services, represented Reed’s in the deal. Eric Behike of NAI Capital Commercial represented the landlord, CF Investments. Camarillo Lease Independent Capital Management Inc. signed a lease for 4,000 square feet of office space at Camarillo Business Center V. The five-year deal at the business park, which includes five buildings, is valued at $500,000. Bill Kiefer of NAI Capital Commercial represented both the tenant and the property owners, BKS Camarillo Partners. Staff Reporter Shelly Garcia can be reached at (818) 676-1750, ext. 14, or by e-mail at [email protected].

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