Michael Schiff of the NAI Capital Commercial office in Westlake Village, who represented both sides in the transaction, tells GlobeSt.com that the sellers turned a quick profit on the sale by filling about 3,000 sf that was empty when they bought the property for $8.5 million last fall--and raising rents to market level as a number of leases rolled over.
Schiff, who also brokered the sale of the same property last fall, explains that the value of the center rose considerably because the rents were significantly below market when Directors LLC took it over last year. The center, which is now fully occupied, consists of two single-story retail buildings totaling 22,505 sf, one 6,000-sf freestanding restaurant that houses Roxy's Deli and a 29, 748-sf, two-story office building. The property is near the 101 and 23 freeways.
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