Faris Lee Investments recently negotiated the sale of Woodland Hills Village, a 70,721-square-foot retail center in Woodland Hills, Calif.
The value of the transaction was $19.7 million.
Abrams & Associates, a 1031 exchange buyer in nearby Encino, purchased the property from SCI Real Estate Investments, a locally based real estate investment company.
Built in 1971 and situated on 2.8 acres, Woodland Hills Village is located at 20929 Ventura Blvd. near De Soto Avenue. At the time of sale, the property was fully occupied by tenants including: Cables Restaurant, Community Commerce Bank, Plaza Sporting Goods, Jenny Craig, Pam’s Hallmark, and others.
“The Woodland Hills Village transaction was challenging because it was an unanchored, non-credit center that had environmental issues that had to be addressed and resolved with the buyer and lender,” said Donald MacLellan, managing director, Investment Advisory Group, Faris Lee Investments. “The buyer was attracted to the property’s highly visible location on Ventura Blvd. near the 101 Freeway, as well as its diverse tenant mix. Additionally, the center’s rental rates were 15 to 20 percent below market, providing a strong upside potential to increase revenue for the new owner.”
Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate.