Office Sales Approach $22M

In the Woodland Hills Plaza transaction, Lynwood Fields of Madison Partners reports that Dr. David Lee's Los Angeles-based Jamison Properties acquired the 91%-leased office building at 22801 Ventura Blvd. from 22801 Associates LP. Built in 1983, the three-story, black reflective glass building is at the northwest corner of Fallbrook and Ventura. Fields, who brokered the sale, points out that the building's location adjacent to one of the San Fernando Valley's most active business districts, coupled with the value-added opportunity of increasing the under-market rents, makes it a strategic acquisition for Jamison.

In the other $6.4 million deal, Kathleen Silver of Grubb & Ellis' West Los Angeles office reports that Air Bay LLC of Beverly Hills purchased a 100% building at 955 Carrillo Drive in Los Angeles from Vesper Equities of Encino. Built in 1990, the four-story, garden-style office building is located between San Vicente and Olympic boulevards. Silver represented the buyer, with the seller represented by Marty Barkan of First Property.

In the third deal, Coppersmith Inc., an international transportation firm with offices nationwide, has purchased a 40,0000-sf office building at 525 S. Douglas St. in El Segundo from 525 S. Douglas Street LLC for more than $5.7 million to expand its Los Angeles headquarters. Luke Staubitz of Klabin says Coppersmith plans to occupy the two-story class A building in March, 2005 following substantial tenant improvements. The company will employ approximately 80 workers at the El Segundo site, which will be a relocation from nearby Rosecrans Boulevard in El Segundo. Staubitz and Harvey Beesen represented Coppersmith, with the seller represented by CB Richard Ellis and Julien J. Studley Inc.In the fourth transaction, the Dr. Inger W. Jensen Living Trust bought a 26,225-sf office building at 120 N. Victory Blvd. in Burbank from SFX Entertainment Inc., a subsidiary of Clear Channel, for $3.2 million in a sale brokered by Rick Buckley and Evan Meyer of Madison Partners. Built in 1986, the property is the former location of SFX, which vacated the building in March 2003. Buckley described the property as "one of the few value-added opportunities remaining in the Tri-cities market." The buyer was represented by Robert Stratton of Stratton Industrial Commercial Real Estate.