Torrance, CA – January 30, 2012 – (RealEstateRama) — The Lee Associates-LA North/Ventura team of Jay Martinez, Stephanie Skrbin and Mike Tingus executed the sale of a 38,788-square-foot mixed-use building that had been owned by Lowe’s Companies, Inc. (NYSE: LOW) in a transaction that reflects the continuing challenges of financing investment sales.
“This property was very attractive to investors, and several made a run at it,” said Martinez, a principal of Lee who, with Lee Associate Skrbin and President Tingus, represented the buyer and seller in the transaction. “But with the continuing volatility in the market, financing became very challenging and ultimately, it was an owner user who closed the sale.”
The sale price was $4,875,000.
The property, at 8391, 8393, 8395, 8389, 8399 Topanga Canyon Blvd in West Hills, a San Fernando Valley suburb of Los Angeles, was acquired by Lowe’s early in the last decade as part of a store site. Lowe’s acquired the block-long parcel anticipating that it would need additional parking, but when the available parking proved sufficient, it leased the additional building instead. The decision to divest the property was part of a larger strategic move to divest non-core assets and close underperforming stores nationwide. Its West Hills store remains open.
The buyer, an entity of Valley College of Medical Careers (VCMC), had been occupying the building as a tenant, and with the purchase, will expand into the second and third floors of the building. The ground floor retail space will continue to be leased by the existing tenants. VCMC offers medical career training in vocational nursing, medical billing coding, pharmacy technician and medical assisting.
About Lee Associates – LA North/Ventura, Inc.
Celebrating more than 33 years of leadership in the commercial real estate industry, Lee Associates®, is the largest broker-owned commercial real estate provider in the nation with 45 offices in California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. Lee Associates-LA North/Ventura, Inc., a member of the Lee Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Lee Associates’ clients enjoy a comprehensive range of commercial real estate services including: sales and leasing; real estate investment consulting, property acquisition, disposition and 1031 exchange transactions; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and ma rket research. Founded in Sherman Oaks in 1994, Lee Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us in the San Fernando Valley at 818.986.9800 or visit us online at www.lee-associates.com.
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