Jamison Spends $31M in San Fernando Valley

LOS ANGELES, CA-Jamison Properties has added to its ever-growing portfolio of Southern California office buildings with its $31-million purchase of two San Fernando Valley properties, according to Madison Partners. Jamison, founded and headed by Dr. David Lee, acquired the 93,048-sf Sherman Oaks Atrium in Sherman Oaks and the 83,981-sf Westhills Plaza in Woodland Hills from Westoaks Associates LP.

Lynwood Fields of Madison Partners, who represented both the buyer and the seller, reports that the Sherman Oaks Atrium, at 15315 Magnolia Blvd., is mapped for office condominiums and each suite is individually metered. The office building fronts Sepulveda Boulevard on the east and is visible from the 405 Freeway on the west.

Westhills Plaza is a three-story building at 20700 Ventura Blvd. in Woodland Hills that includes two levels of subterranean parking. Both buildings were approximately 90% occupied and offer upside through the lease-up of the current vacancy and rent increases when slightly under-market leases roll over, Fields says.