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4/04/14
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A 63.6k sf, Class A office property in Simi Valley recently sold for $4.4 mil, or $69/sf. The vacant building, located at 2900 N. Madera Rd, north of the 118 Fwy at the western edge of the city, was sold by Rexford Industrial Realty.
Built in 1988 and renovated in 2002, the two-story property is on a 5.33-acre lot. The building includes large floorplates, a window line throughout the building, private executive offices, a media/training room, and a kitchen/cafeteria. The property was originally a build-to-suit headquarters for Bugle Boy and was vacated in late 2013 by Bank of America.
Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented the buyer, Younan Properties Inc. The seller was repped by John DeGrinnis of Colliers International.
“The property is a very high-profile, high-quality asset that rivals others throughout the region,” comments Pekarcik. “The buyer intends to position the property for lease to either a single tenant or multiple tenants.”
“The office market in the Simi Valley area has experienced significant leasing activity recently, which has decreased vacancy and stabilized rents. Additionally, there are currently several large active leasing and purchase user requirements in the market,” Vittone adds. “Younan’s low basis in the property affords them a competitive advantage when attracting new tenants to the building.”
Zaya S. Younan, Chairman and CEO of Younan Properties, says the acquisition enhances the firm’s expansion efforts: "As we continue to expand our Southern California base, 2900 Madera is a significant addition to our portfolio in a key submarket. We will continue to look for other properties that meet our acquisition criteria as we grow in the Southern California market."
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