The Olive Encino, a 120-unit, 205,000-square-foot apartment building at 5501 Newcastle Ave., Encino, sold for $44 million to Venture Capital West LP of Los Angeles. The seller was IMT Capital of Sherman Oaks. Cory Stehr, Jim Fisher and Mike Smith of Lee & Associates brokered the deal.
As part of its Woodland Hills expansion, Westfield Group purchased the AMC Theatres at Westfield Promenade and the Sears at Westfield Topanga. The 130,000-square-foot theater complex, at 21801 Oxnard St., was purchased for $42.7 million (about $330 a square foot) from real estate investment trust EPR Properties of Kansas City. Sears Holding Corp. of Hoffman Estates, Ill. sold its property at 21851 Victory Blvd. for $42.5 million, or around $425 a square foot.
Accounting firm David Weise & Associates renewed its lease at 16000 Ventura Blvd., Encino and added extra space for a total of 21,500 square feet. The company has been on site since 2003 and took a 91-month renewal to lock in rates.
A 168,000-square-foot industrial building at 9545 San Fernando Road in Sun Valley sold for $22.8 million to Prologis, a San Francisco real estate investment trust. The property, sold by a private investor, is leased to Sugar Foods Corp., a multinational food manufacturer.
Rexford Industrial Realty Inc. acquired a 154,000-square-foot industrial building in Chatsworth for $14.1 million. The L.A. real estate investment trust bought the 6.7-acre property at 9401 De Soto Ave. from Topco Sales, an adult sex-toy manufacturer and distributor that had occupied the building since 2003.
Several large deals got the year off to a bright start in the San Fernando Valley, despite a surprising jump in the vacancy rate...