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Auction Date Set for Encino Gold Mountain Property

By SHELLY GARCIA Senior Reporter A Woodland Hills bankruptcy court has set a date to auction off the Gold Mountain Enterprises LLC property in Encino along with another property the developer owns in West Hollywood. Gold Mountain, which was forced into involuntary bankruptcy (later converted to a voluntary bankruptcy) as a result of a partner’s dispute early this year, has secured a buyer offering $35 million for the two properties, but the sale process allows for others willing to pay more for the parcels, individually or together, to come forward as well. Interested buyers must submit bids by the end of next week. The court will hear the proposals at an auction scheduled for May 27 in Woodland Hills. The buyer currently on the table is EMC Development LLC, a Los Angeles-based residential developer. Calls to EMC were not returned. The company has offered a bid of $35 million for the two properties, with $9 million of that allocated to the Encino parcel, $23 million for the commercial portion of the West Hollywood site and another $1 million for the residential portion in West Hollywood. The Encino property, at 16704 16720 Ventura Boulevard, is entitled for 125 residential units and 16,000 square feet of retail space. The West Hollywood property, at 8418 8432 Sunset Boulevard, 1326 N. Olive Ave. and 8477-8481 DeLongpre Ave., is planned for mixed use as well, but entitlements for that property have not yet been received. Laurie Lustig-Bower, executive vice president at CB Richard Ellis in Century City and Sherman Oaks, along with her husband, Tim Bower, a CB first vice president who specializes in retail properties, are handling the listing. They’ve listed the Encino parcel at $10.9 million and the West Hollywood property at $31 million. The listing price for the Encino parcel was based on the current activity in the condominium market, Lustig-Bower said. “The market has improved in the Valley for condominium sales since they first put it on the market, so I think that because of what we’re figuring the unit size of these condos could be, it should sell for over $450 a foot,” said Lustig-Bower. But any bids from qualified buyers in excess of the amount offered by EMC will be considered at the auction. “We’re seeking overbidders and you have to start somewhere,” said Athena Novak, property manager for Calabasas-based Gold Mountain. Bidders can offer proposals for one or both of the properties. Although there is a minimum bid set for the combined properties, there is no minimum set for each individual property. “The way we have set the pleadings up somebody can bid for one property or for both. Then we will make a business decision as to what we want to do,” said Joseph A. Eisenberg, attorney with Jeffer, Mangels, Butler & Marmaro LLP, who is representing Gold Mountain. Gold Mountain first put the 1.7-acre Encino site on the market after spending several years getting entitlements for the property. Late last year, with the parcel still unsold and creditors threatening to foreclose, Gold Mountain was forced into Chap. 11 reorganization. The sale of the properties would allow Gold Mountain to pay off its debts and likely realize an additional profit on the sale. Chatsworth Retail Sale Chatsworth Plaza Shopping Center, a 70,000-square-foot complex at Devonshire Street and Canoga Avenue, was sold for just under $12 million. The center is anchored by a Ralphs grocery store. David Trozak and Chris Thompson of Investment Real Estate Associates represented the buyer, Combined Properties Inc., and the seller, J.P. Butler Investment Co. Tarzana Office Sale Corbin Office Center, a 49,205-square-foot office building in Tarzana, was sold for $7.8 million. The property, at 5530 Corbin Ave., is a three story multi-tenant building that is 95 percent leased. Richard Leyner, Cal Menzer and Gary Morris, brokers with NAI Capital Commercial Real Estate Services, represented the buyer, Corbin Capital LLC. The seller, Corbin Office Center, was represented by NAI’s Bruce Frasco. Glendale Sale A 16,000-square-foot office building in Glendale has sold for $3.6 million. The property, at 350 Arden Ave., was acquired by First Capital Financial Resources Inc., for use by a subsidiary company, LGM Escrow Services, which will occupy about 12,000 square feet. Mark Miller, senior vice president at Stevenson Real Estate Services represented the buyer and seller. Winnetka Complex Opens Millennium Enterprises this weekend opened sales for the first phase of its 204-unit condominium conversion in Winnetka. The ribbon-cutting ceremony for Forest Glen Villas included several local dignitaries and members of the area’s neighborhood council. The development, at 20218 Cohasset St., is composed primarily of townhomes with another 14 percent of the units comprised of flats. Prices range from $217,500 for a single-story one bedroom, one bath unit to $375,000 for a three bedroom, one and one-half bath unit. The 102 units in the first phase will be ready for occupancy on July 31. Millennium’s renovation included new kitchens and baths and new copper plumbing. Granite countertops are among the interior amenities. Some upgrades are available. Other amenities include three swimming pools, a clubhouse, a business center, banquet hall, fitness center and basketball courts. Senior reporter Shelly Garcia can be reached at (818) 316-3123 or by e-mail at sgarcia@sfvbj.com.

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