Last Time This Land Sold Fruit Groves Lined Ventura Real Estate by Shelly Garcia From the dog days of summer files, here’s a story I found intriguing. Everyone in the San Fernando Valley at one time or another has probably come across the parcel of vacant land on the north side of Ventura Boulevard just east of DeSoto Avenue. It’s hard to miss, seeing as it’s probably the only vacant land left on the entire 18-mile stretch of the Boulevard. What I didn’t know is the 3-acre parcel has pretty much laid dormant for the better part of the last century. It’s been vacant for so long, it’s actually still zoned for agricultural use. Not for much longer though. The parcel has just been sold to Miller Automotive, which bought it on behalf of another user. It’s not clear what automotive marquee will eventually appear on the site. At 120,000 square feet, the sale is not the sort that would typically warrant a headline. But this one is a real curiosity. The seller, Irving Feintech, a private investor with a number of holdings in the San Fernando Valley, has had the land since 1956. He surely bought it for a pittance, and closed escrow earlier this month at about $53 a square foot. Feintech didn’t return phone calls, so we were unable to ask what finally persuaded him to sell. Mark Perry, first vice president at CB Richard Ellis, who represented the buyer in the deal along with CB’s Jeff Pion, said that through the years he figures just about every broker in the area has called Feintech about the property. “The guy would call every broker back,” said Perry. But Feintech never took the bait. What we do know is that the parcel was never listed for sale. The transaction opened and closed as a result of a chain of relationships that began with a business associate of Miller Automotive. Which just shows you, it’s still not what you know, it’s who you know. Hollywood Adjacent Sun Valley is becoming a mini-studio annex with the move of two more entertainment-related companies to the area. Movie Movers, a company that provides trailers for the entertainment industry, schools and other uses, has acquired 65,000 square feet of industrial buildings on six acres in Sun Valley. The purchase price was $5.9 million. Movie Movers is relocating to the site, at 11473 Penrose St., from facilities in Van Nuys. Mike LaRoque, a broker with Daum Commercial Real Estate Services, represented the buyer. Daum’s Chris Sullivan represented the seller, Engilman Trust. Western Studio Service Inc., a trucking and storage company serving the entertainment industry, has leased a 180,000-square-foot industrial facility in the same area. The 10-year lease, at 9175 San Fernando Road, is valued at $9 million. Western Studio occupies over 1 million square feet in Burbank. Stu Leibsohn and David Hoffberg, brokers with Delphi Business Properties, represented the landlord, Berendo Property. Greg Barsamian, a broker with CB Richard Ellis, represented Western Studio. Granada Hills Sale A 43,000-square-foot medical building in Granada Hills has sold for $4.75 million. Dr. David Lee bought the facility, at 10515 Balboa Ave., from Lehman Bros. as an investor. He will not be occupying the property, which is about 65-percent leased. CB Richard Ellis’ Mark Perry and Michael Leggett, who works out of the firm’s San Francisco offices, represented the buyer and seller. Van Nuys Lease MV Transportation Inc., which provides transportation services for the disabled, has leased a 42,932-square-foot industrial building in Van Nuys. The five-year lease is valued at more than $1.3 million. MV will house dispatch and maintenance services for the San Fernando Valley at the facility, located at 16738 Staff St. Chuck Carmichael, a broker with NAI Capital Commercial, represented the landlord, Jack Holiday. Chris Sullivan, a broker with Daum Commercial Real Estate Services, represented the tenant. M. David Paul Leases Two transactions have closed at M. David Paul Development LLC properties in Burbank. NBC Enterprises signed a 12-year lease for 18,000 square feet at the newly developed The Pinnacle in Burbank’s Media District. The first phase of The Pinnacle project, which includes 395,000 square feet at 3400 Olive Ave., has just been completed. Construction on the second phase, 235,000 square feet, will begin once the developers have secured tenants. Paul Stockwell of Julien J. Studley and Carl Muhlstein of Cushman & Wakefield handled the transaction. M. David Paul has also signed a new lease with Technicolor, a current tenant in the Media Studios North project. Technicolor, which has occupied 33,000 square feet in the building, is adding another 52,400 square feet in a 10-year deal. The value of the transaction was not disclosed. Rob Erickson and Brad Feld, brokers with Cushman & Wakefield, brokered the deal. Moorpark Proposition Grand Moorpark LLC has hired Westcord Commercial Real Estate Services to market a commercial project in Moorpark. Bruce Hamous, who is marketing the project with Westcord’s Darryl Zilberstein, said the developer would like to build 48,000 square feet of medical/office space on the property, located at 650 West Los Angeles Ave. So far, Grand Moorpark has filed for approval for a six-unit condominium on the site, according to Moorpark city officials. “We’re going to talk to some medical users and see what we can come up with,” said Hamous. Senior reporter Shelly Garcia can be reached at (818) 676-1750, ext. 14 or by e-mail at [email protected].
