June 20, 2019 – The Lee & Associates-LA North/Ventura (LEELANV) team of Darren Casamassima and Scott Romick has transacted the sale of eight creative office condominiums at The Enclave, 3450 Cahuenga Blvd in the Studio City submarket of Los Angeles since being named exclusive commercial marketing agents for the property earlier this year.
Five of the condominiums totaling 11,630 square feet sold to a private investor for $6,750,000. In addition to representing the seller, BLDG Partners, the team also represented the buyer of the units, which are fully leased. Another two condos totaling 4,282 square feet, sold to a non-profit organization, Children of the Night, Inc., that will occupy the space for its own business use, and one condo totaling 2,361 square feet sold to trade group, the National Association of Theatre Owners, Inc., which will relocate its offices to the new space from Van Nuys, Los Angeles.
The sale price for all eight transactions totals $10,420,000.
“This project provides a unique opportunity that office buyers really have not had in this market,” Casamassima said. “We quickly realized that real estate investors and owner-users would be very attracted to these condominiums and deployed a two-pronged marketing strategy to get the word out.”
The Enclave, which is comprised of 67 condominium units in 12 buildings, was acquired by BLDG Partners last year. At the time of the acquisition most of the project, built as live/work condominiums, was occupied by tenants for commercial use. Seeking to shift the marketing focus to commercial buyers, BLDG Partners engaged the LEELANV team.
“This project allows investors to own a leased office investment for under $1 million or, if multiple units are combined, as much as $10 million,” said Romick. “You really can’t find any smaller buildings at the lower end of that range, and for many, buying a larger property, if one does become available, isn’t financially feasible.
“At the same time, we understood that there is no product less than 3,000 or 4,000 square feet available for business owners who want to purchase a facility, so these condominiums fill that need as well,” Romick added. “And the location is extremely convenient to Hollywood, Burbank and the San Fernando Valley.”
To market the property, the team developed separate packages and strategies for investors and business owners and is continuing to market the remaining units both as leased investments and vacant space.
In addition to the rare size options available, the Enclave also fills today’s growing demand for contemporary office space. The three-story units feature high ceilings, patios on each level and contemporary finishes such as exposed brick walls. The campus is gated with valet parking for visitors, and it includes a large outdoor space for collaboration and events.