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9/30/26
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In a recent office trade in north Los Angeles County, an unnamed private investor paid $10.8 mil for Summit III at Valencia, a 59.2k sf ($182/sf), Class A building located at 27240 West Turnberry Lane.
Built in 1999, the two-story property was approximately 97.5% leased to five tenants at the time of the sale. Its tenant roster includes Automobile Club of Southern California, Barrister Executive Suites, the State of California, Morrow Management and H2scan. The property occupies approximately 3.43 acres and includes 678 surface parking spaces.
Summit III is located near the junction of Interstate 5 and State Route 126, providing access to Los Angeles and Ventura counties. The property is also near FivePoint Valencia, formerly known as Newhall Ranch, a master-planned community under development in the Santa Clarita Valley.
CBRE’s Mark Shaffer, Gerard Poutier and Anthony DeLorenzo, along with Sean Sullivan, Mike Longo and Melissa Moock, represented the seller, Summit at Valencia Property LLC, in the transaction.
“Summit III offered durable cash flow anchored by credit tenancy in one of the Los Angeles region’s most desirable suburban business communities,” said Shaffer, senior vice president at CBRE. “The property’s occupancy, regional access, and proximity to continued residential development contributed to competitive interest and a positive outcome.”
According to CBRE’s Los Angeles Office Figures for Q2 2026, 253k sf of new office construction was delivered during the quarter, while the development pipeline remained limited at 1.8 msf under construction.
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