(Editor’s Note: According to public documents reviewed by The Registry, the property traded for $11,730,000, or roughly $212 per squre foot. The buyer was an entity affilited with Los Angeles-based Ramin Haverim.)
Encino, Calif. – January 10, 2025 – 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.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
