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January 27, 2020
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Office Property in the Southeastern San Fernando Valley Trades at $347/sf


West Toluca Lake Plaza, a 20.2k sf creative office building in the southeastern San Fernando Valley community of Toluca Lake, was purchased by a private investor for $7 mil, or $347 per square foot, in an off-market transaction.

West Toluca Lake Plaza is located at 10999 Riverside Dr, just south of the 134 Fwy between Vineland Ave and Lankershim Blvd. The three-story, multi-tenant property is 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.

Darren Casamassima with Lee & Associates-LA North/Ventura represented the buyer, a private investor that owns a large amount of real estate in the area, and the seller in the deal. According to Casamassima, the seller acquired the property in 2005 and completed a number of renovations that allowed for significant rent increases.

“The seller had no plans to divest, but the current demand for creative office space presented a sound exit strategy,” noted Casamassima. “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.”

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