September 5, 2019 – A 20,150-square-foot creative office building in the Toluca Lake submarket of Los Angeles has traded to a private investor for $7,000,000, or $347 per square foot, in an off-market transaction, according to Darren Casamassima, a Principal of Lee & Associates-LA North/Ventura, who represented the buyer and seller.
“The seller acquired the property in 2005 and completed a number of renovations that allowed for significant rent increases,” said Casamassima. “The seller had no plans to divest, but the current demand for creative office space presented a sound exit strategy.
“At the same time, the seller was able to execute a 1031 Exchange to reinvest proceeds into multiple Live/Work office condos at “The Enclave,” a 67-unit creative office campus I represent in Universal City.”
West Toluca Lake Plaza, located at 10999 Riverside Drive just south of the Ventura (134) Freeway between Vineland Avenue and Lankershim Boulevard, is a three-story multi-tenant property occupied mostly by long-term entertainment tenants. The building offers 24-hour, tenant-controlled HVAC in an excellent location close to major Hollywood studios and the entertainment and media companies that dot North Hollywood, Studio City and Burbank.
The buyer is a private investor that owns a large amount of real estate in the area.
Creative space in general and creative offices 20,000 square feet and under in particular are in high demand and rarely become available for purchase.