The building is at 21055 Ventura Blvd., according to Shaun Riley and Patrick Kent of Faris Lee, who represented the buyer and the seller. The Faris Lee brokers note that the property is adjacent to Warner Center, the largest office complex in the San Fernando Valley, and is also visible from the 101 Freeway. Rich Walter, president of Faris Lee, calls the drug store site "an irreplaceable piece of real estate."
He says the property attracted a number of competitive offers and notes that the sale price works out to $520 per sf, one of the highest prices per sf on record for a property of this type. The price is further evidence of what brokers describe as strong investor demand for leased investments, especially leased investments occupied by brand-name tenants like Longs.
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