A two-story, multi-tenant work building in Valencia has sold for $6 million, indicating some life in the office sector even during the pandemic. Located at 25050 Avenue Kearny, the 23,817-square-foot building traded as part of a 1031 exchange. Among the 40 tenants currently occupying the structure is an array of independent businesses in the sectors of law, finance, insurance and science. It is anchored by Continental Glazing Construction, Honest Hospice Care and Valencia Hospice Care. The office sits on an acre of land. Darren Casamassima, a principal at Lee & Associates-LA North/Ventura, who represented purchaser A. Golden Enterprises, said in a statement that “the buyer … wanted a high occupancy building with stabilized cash flow.” Yair Haimoff, Randy Cude and Matt Sreden of Santa Clarita-based Spectrum Commercial Real Estate Inc. represented the seller, Rebel Professional Center, in the transaction. Casamassima told the Business Journal that interest in the site was high and the property was only on the market for 142 days and there are no renovations necessary. “It was turnkey, ready to go,” he said. “There is a high demand for smaller space in this market,” Casamassima continued. “Santa Clarita Valley is emerging as a premier location for film and television. An investment in this location is ideal for those poised for growth. With Santa Clarita’s tax credits, entertainment companies, the abundance of soundstages, and studios such as Disney, the area has become the secondary studio market for Hollywood.” In addition to this property, Casamassima noted that East San Fernando Valley still has a lot of runway in the office sector, and that he is currently closing a pair of deals in the region: one entertainment related and another in health care. “East Valley will (rebound) better than West Valley,” he said. “It is inundated with demand.”
Santa Clarita Office Building Trades for $6 Million
