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Monday, May 29, 2023

Woodland Hills Office Park Sells for $8 Million

A 48,000-square-foot office park in Woodland Hills has sold for $8.3 million.

Lee & AssociatesScott Romick, Darren Casamassima, Jay Rubin and Scott Silverstein represented the buyer, My Properties Group LLC, headed by principal Sami Ullah. The seller was 22801 Ventura, LP / Jamison Services, which was also represented by Romick, Casamassima, Rubin and Silverstein.

The office park at 22801 Ventura Blvd. is located on a stretch of Ventura Boulevard which will soon be welcoming new retail and food establishments as part of the city’s “Reimagine Ventura” initiative that launched last year.

“The pandemic changed the way tenants look at office space and their needs,” Romick said in a statement. “22801 Ventura will be a great example of a well-managed, renovated Class B suburban building that makes for great office space. Owners that are prepared, enthusiastic and capable of ensuring seamless deal flow will be successful and its new owner, Ullah, has already begun additional property renovations including spec suites to make the building even more appealing to the community.”

Casamassima added, “The buyer saw a value-add opportunity to reposition this building to target local businesses to be the best-in-class in the area.”

Romick, Casamassima and Rubin will serve as the leasing agents for the new owners.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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