CBRE Negotiates Sale of Office Property in Encino

CBRE arranged the sale of 16200 Ventura Blvd., a 55,207-sq.-ft.-office building in Encino, Calif., to PS Country Club LLC.

CBRE Investment Properties' Mark Shaffer, Michael Longo, Grant Goldman, Anthony DeLorenzo, Gerard Poutier and Dylan Rutigliano represented the seller, Soma Encino LLC, in the transaction.

"It’s rare that buildings like this become available for sale along the highly sought-after Ventura Boulevard corridor," said Shaffer, senior vice president at CBRE. “As a result, we saw strong demand from private high net worth investors and 1031 buyers, which created a competitive bidding situation for this rare offering."

The four-story office building was built in 1974 but has recently undergone extensive capital improvements, including upgrades to common areas and restrooms, a tenant lounge with a kitchen area, a new roof, and an HVAC system. Seventy tenants occupy the building (86% occupancy) at the time of sale, each occupying an average of 600 sq. ft.

“The fully renovated office building appeals to relatively robust small tenant demand in the Encino submarket,” added Longo, senior vice president at CBRE. “This, along with 90% of the suites being renovated, provides an investor with diverse and stable below-the-line cash flow.”