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3/27/20
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Dunya Properties LLC, a private investor, paid $4.3 mil for a 15k sf ($287/sf) office building in the West Hills community of the San Fernando Valley.
The property is located at 22736 Vanowen St, on a busy corner east of Fallbrook Ave, along a prominent retail, office and entertainment corridor minutes from Westfield Topanga shopping center and numerous amenities. The three-story office building, built in 1981, was 71% occupied at the time of sale.
Jared Smits and Jonathan Bruce with Lee & Associates-LA North/Ventura represented the seller, Fields Investments, in the transaction. According to Smits, cell service providers pay rent for the use of the towers on the property for broadcasting.
“The property offered a unique rental income opportunity due to three cell towers on the building,” said Smits. “The cell towers were sold to Landmark Dividend for $1.9 mil, and the buyer was able to fund most of the deposit requirements and reduce purchase costs with the proceeds of that sale.”
“The building offered a strong mix of small and mid-sized office suites that are in demand in this submarket,” said Bruce. “Additionally, the unit mix helps to mitigate risk because small suites can be readily re-leased if necessary.”
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