A small office building in Valencia has sold for $2.7 million.
The 7,383-square-foot freestanding office building — located at 28015 Smyth Drive in Highridge Business Park — features nine private executive suites, conference room, reception area, kitchen and storage area. It also features a campus environment located near restaurants and daycare, and minutes away from the Valencia Town Center shopping center.
Executive Vice President Randy Cude and Vice President Matt Sreden of Spectrum Commercial Real Estate transacted the sale on behalf of the undisclosed buyer and seller. Cude and Sreden were also able to negotiate a leaseback for the sellers to occupy a portion of the building.
The new owner plans to occupy a percentage of the building and convert the remainder of the building into high-end executive office suites.
The office market has seen a rise in vacancy rates and lower asking rents. In the fourth quarter, Santa Clarita saw 19.3 percent vacancy and an asking rate of $2.71 per square foot, according to data from Colliers International. However, the office market has shown signs of promise and macroeconomic indicators remain optimistic, according to Spectrum.