85.7 F
San Fernando
Thursday, Jan 26, 2023
-Advertisement-

Former GM Offices Polished Up as Trophy

There was a coming-out of sorts in Thousand Oaks last month, as 35 brokers gathered to glimpse the transformation of a dated former automobile headquarters that its landlord hopes to position as a landmark Conejo Valley office property. The one-time regional headquarters of General Motors Co., at 515 Marin St., was built for the automaker, which was its sole tenant from 1982 until it moved to Westlake Village after a downsizing last year. The 66,000-square-foot property was then purchased by Nearon Enterprises, a Walnut Creek real estate investment trust, which decided to offer the building for lease for the first time in its history. Over the past 12 months, the REIT has installed a new rooftop air-conditioning system, remodeled common areas and created an open lobby with a contemporary staircase that leads to the building’s upper floors. Along with the new look comes a new name: Valle Vista. Nearon kicked off the marketing for the property with a May open house that highlighted the remodel. Tony Perino, Nearon’s president, said the functional and design upgrades aim to turn Valle Vista into a trophy property for the region, offering premium amenities. Some suites have private balconies and mountain views. Haider Alawami, the city’s economic development manager, took the tour and came away impressed. “It would be great for the city if the owners could attract a corporate tenant that would turn this into their headquarters,” he said, noting GM’s departure was a blow to the city’s office market. The landlord will lease the four-story building in its entirety or in smaller spaces divisible down to 2,700 square feet. The asking lease rate is $2.40 a square foot, a significant premium over the $2.19 average asking rate for Class A space in the Conejo Valley in the first quarter, according to brokerage Colliers International. Mark Leonard, senior vice president and principal of Lee & Associates-LA North/Ventura, has the listing on the property with Lee Vice Presidents Cory Richmond and Jared Smits. Stable Asset Centre Pointe Business Park, an industrial complex at 26450-26470 Ruether Ave. in Santa Clarita, has traded hands for $6.8 million, or about $142 a square foot. The property consists of two warehouse buildings totaling 47,855-square-feet on 3.6 acres near Soledad Canyon Road and Golden Valley Road. The buildings, which date to 2002, were purchased by 780 West Garvey LLC of Los Angeles from Centre Pointe Parkway Properties Inc. of Santa Clarita. The project’s 19 units range from 1,807 to 5,730 square feet. They are fully leased to tenants including business services firms, manufacturers and a furniture importer. “The buyer believed in the long term investment quality of this project and decided to add it to his investment portfolio,” said Yair Haimoff, executive vice president and branch manager of NAI Capital Inc.’s Valencia office, who represented the buyer, a private investor. The square-foot price is close to the market average of $146 a square foot in first quarter and above the average per-square-foot price of $135 a year ago, according to real estate data provider CoStar Group Inc. Martin Cohan, of Calabasas brokerage Marcus & Millichap, represented the seller. Dental Lease When dental laboratory Excel Studios outgrew its space in Chatsworth last year, it needed to expand but didn’t want to stray far from its workforce. It accomplished that goal by leasing 8,756 square feet at 9310 Topanga Canyon Blvd. in Chatsworth. That’s just a few blocks from its former headquarters on Canoga Avenue where it designs and manufactures implants used by dentists throughout Southern California. The 11-year lease was valued at $1.7 million, said Matt Ehrlich, senior associate at Encino brokerage NAI Capital Inc., who handled the transaction. “This location is not far from their prior space and they were very happy with the favorable arrangement that was negotiated,” he said. The transaction also was a great deal for the landlord at the Topanga Canyon building, Jamad Enterprises LLC of Chatsworth. The lease makes up over a quarter of the rentable space in the building and brings the property up to full occupancy. Staff reporter Karen E. Klein can be reached at (818) 316-3123 or at kklein@sfvbj.com.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-