Lee & Associates LA North/Ventura recently completed the $8,300,000 sale of a 48,000 SF office park located at 22801 Ventura Blvd. in Woodland Hills. Principal/Managing Director Scott Romick and Darren Casamassima, Jay Rubin and Scott Silverstein, Principals, represented the buyer, My Properties Group LLC, headed by Principal Sami Ullah. The seller was 22801 Ventura, LP / Jamison Services, also represented by Romick, Casamassima, Rubin and Silverstein.
“The pandemic changed the way tenants look at office space and their needs,” said Romick. “22801 Ventura will be a great example of a well-managed, renovated Class B suburban building that makes for great office space. Owners that are prepared, enthusiastic and capable of ensuring seamless deal flow will be successful and its new owner, Ullah, has already begun additional property renovations including spec suites to make the building even more appealing to the community.” Casamassima added, “The buyer saw a value-add opportunity to reposition this building to target local businesses to be the best-in-class in the area.”
Located centrally on Ventura Blvd. with proximity to Calabasas and the Warner Center, the area will be welcoming new retail and food establishments along with additional enhancements along Ventura Blvd. These efforts are part the City of Los Angeles’ “Reimagine Ventura” initiative that launched last year. The “Reimagine Ventura” initiative is a neighborhood-scaled project on Ventura Boulevard, San Fernando Valley’s Main Street, which will support local businesses and create a better sense of place for nearby residents with additional parking, enhanced landscaping, and pedestrian improvements. The project was sparked by community members who enlisted the Woodland Hills-Warner Center Neighborhood Council and other groups to develop a clear vision for their main street.
Romick, Casamassima and Rubin will serve as the leasing agents for the new owners.
