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11/23/15
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Rubikon Development LLC paid $7.2 mil for a 19k sf ($379/sf), multi-tenant office building in the southern San Fernando Valley community of Sherman Oaks. The building, located at 13412 Ventura Blvd, between Woodman and Coldwater Canyon Aves, was sold by Dixie Properties LLC.
The seller had owned the property since 1992. The building is close to many amenities along Ventura Blvd and offers all tenants access to a balcony, with private balconies for some units. It was fully occupied with seven tenants at the time of the sale.
Scott Romick of Lee & Associates-LA North/Ventura represented the seller in the transaction and has represented the seller in leasing transactions since 2009. According to Romick, the listing generated multiple offers.
“There have probably been no more than 10 Ventura Boulevard office buildings in the 9k sf to 20k sf range between Sherman Oaks and Studio City that have traded in the last 10 years,” Romick said, “These types of properties can work for owner-users as well as investors.”
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