The building, which encompasses 12,700-sf, was 60% occupied at the time of sale, according to Ed McKeegan, a broker who worked on the deal. Tenants include a hairdresser, retail boutique, public relations firm and cellular company. The art deco facility, which is located at 19611 Ventura Blvd., is designed to look like the front end of a pink Cadillac.
The seller, New York-based NewVest Capital Corp., acquired the property several years ago as part of a larger package of real estate assets. McKeegan and Dennis Dillon of MEI Real Estate Services represented NewVest. The buyer, Flamingo Investments, was represented by Harry Singman of Gold Star Realty.
"The buyer is a local investor and developer, who is adding it (the complex) to a portfolio of properties on Ventura Boulevard," McKeegan says.
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