Alliance bought the buildings from Chatsworth Capital Group in a deal brokered by Bob Safai and Lynwood Fields of Madison Partners in an off-market transaction. Safai also participated in arranging funding for the deal.
The buildings, which occupy nearly 11 acres of leased land, were built in the early 1980s. The 9301 Corbin Ave. building is due to be vacated soon by by Washington Mutual.
Fields calls the property "a rare value-added opportunity for a savvy buyer," especially considering the strong San Fernando Valley office market. The deal is one of two recently closed value-added transactions brokered by Madison Partners, which also arranged the $19.8 million sale of a three-parcel Hollywood infill development site just west of the junction of Hollywood Boulevard and Western Avenue.
In the Hollywood deal, CSGF Pacific ABS Hollywood LLC bought the three, separately owned parcels total approximately 2.26 acres in a transaction brokered by Fields. The buyer is a joint venture of two developers and a financial partner.
Fields describes the three parcels as "a rare infill developmentopportunity in Hollywood," where development has burgeoned in recent years. He says that the land assemblage will potentially host a mixed-use development that is proposed to include condominiums and retail.
The three parcels are at 5512-20 Hollywood Blvd., 5530 Hollywood Blvd. and 5544-50 Hollywood Blvd. The three were sold respectively by Holly Tree Village Partners & FLJC Co., 5530 Hollywood Boulevard Associates LLC and Alexander Becker Carpets Inc. & The Becker Revocable Trust.
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