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Monday, Jan 30, 2023
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Biz Condo Sells For Well Below Rates

Ash Joshi, principal of Capital Realty Solutions, Inc. in Encino, recently sold a condominium unit at the new 212,000 square foot Discovery Gateway Spectrum Business Park II in Valencia. Not a huge deal in terms of square footage, but Joshi said the sales price is what’s noteworthy. The 3,027 square foot unit, located at 28338 Constellation Rd., sold for $450,000, or approximately $150 per square foot. Joshi said he believed the deal will “force a correction” in local commercial real estate prices. “This sale is significant as sale activity in this market is at a virtual standstill at unrealistic prices of 20 to 30 percent above market, and a glut of inventory persists,” he said. “This price was reduced to reflect current market conditions, and the property promptly sold.” Joshi represented seller, Christine Foley Trust, in the transaction. Tim Crissman of Crissman Commercial of Valencia represented the buyer, Comfort Cooling. The owner/user provides HVAC services, including air conditioning, heating, air purification and air filtration. Joshi said much of the Valencia market’s inventory is priced at $200 per square foot and more. He hopes the latest transaction will encourage developers and other sellers to start budging on asking prices. “There’s a lot of good product out there,” said Joshi, adding but the problem is that many of the owners and builders trying to get these prices are into their properties for too much money. Discovery Gateway Spectrum Business Park II is a multi-tenant condominium business park located on Constellation Rd. in the Rye Canyon Business Park. Units range from 3,000-6,000 square feet.

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