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Wednesday, Dec 6, 2023

Bedfellows Building in Studio City Sold

A Studio City retail building located at 12250 Ventura Blvd. that was most recently home to the mattress business Bedfellows has sold for an undisclosed price. Jonathan Steier, principal of Studio City retail leasing and investment brokerage firm JS Realty Co., represented both the buyer, 12250 Ventura LLC, and the seller, Tozer Living Trust. According to CoStar, Richard Tozer had been the building’s longtime owner. This marks the first time that the two-story, 4,200 square-foot property has traded hands since 1940, the year that the building was completed. Two years ago, the property suffered a fire and had to be vacated. Bedfellows had been a tenant for nearly a decade prior to the blaze. The currently vacant storefront sits along a prime shopping corridor where many trendy shops and restaurants are located. The new buyer plans a full remodel of the building, including opening up the 20-foot bow truss ceilings and replacing the storefront façade with an all-glass modern one. Steier said the deal was made more challenging based on the fact that the building had been built by the seller and had never traded, and there was very little historical information. “Many of the original improvements were functionally obsolete and not to current code,” Steier told the Business Journal. “Additionally, there were a number of open permits as a result of the fire restoration work that needed to be finalized by various city agencies before the transaction could close.”

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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