September 16, 2019 – A 20,557-square-foot office building at 22141 Ventura Blvd. in the Woodland Hills submarket of Los Angeles has traded to an owner-user for $5,872,500, according to Scott Romick and Jay Rubin of Lee & Associates-LA North/Ventura, who represented the seller in the transaction.
“One of the members of the ownership group, Jones Plaza, LLC, had occupied the building for its real estate investment business,” said Romick, managing director at Lee, “and when the ownership group decided to take advantage of today’s market to divest the property, it left a vacancy that was well suited for another owner-user buyer who could occupy the vacant space and benefit from the rental income generated by the other tenants in the building.”
The buyer, a home health-care agency, was represented by Richard Bright at JLL.
The property, a three-story building constructed in 1987, features private balconies, a highly improved lobby and newer roof. It is located very close to the Ventura (101) Freeway and walking distance to numerous amenities.
Median sale prices for office buildings in the Los Angeles North region rose nearly 8 percent year-over-year as of the second quarter of 2019.