SHERMAN OAKS, CA – April 12, 2011 – (RealEstateRama) — Randy Kobata, a Principal with Lee & Associates-LA North/Ventura, Inc. and Jack Schlaifer a Senior Vice President at the brokerage, transacted the sale of a 47,846-square-foot property to a San Fernando Valley physician who will relocate and expand his practice to the new site. The property, at 5651 Sepulveda Blvd. in Van Nuys, CA, sold for $3,100,000.
“This property allows the buyer to relocate his practice to a larger facility and at the same time generate additional income by leasing a portion of the new facility to other tenants,” said Kobata, who, with Schlaifer, represented both the buyer and the seller in the transaction.
The buyer, Osteon Enterprises LLC, is an orthopedic practice that specializes in spinal injuries. The practice and surgery center is relocating from Encino, and the buyer chose the new site for its location and ample parking as well as the investment opportunity.
The property was previously occupied by Budget Rent A Car Corporation who was the tenant on the property until 2010. This was the site for the first Budget Rent A Car franchise since the early 1970s which, together with 11 other franchise locations, was sold back to Budget Corporation in 1996. The original franchisee, Spectrum Investment Corporation, remained as owner and lessor for these many years. “Our seller was interested in repositioning his portfolio and is using the sale proceeds to acquire a new income producing property,” said Schlaifer. “We are seeing more of these kinds of transactions in today’s market.”
About Lee & Associates
Celebrating 30 years of leadership in the commercial real estate industry, Lee & Associates®, is the largest broker-owned commercial real estate provider in the nation with 43 offices in California, Arizona, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, South Carolina, Texas and Wisconsin.
Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Lee & Associates’ clients enjoy a comprehensive range of commercial real estate services including: sales and leasing; real estate investment consulting, property acquisition, disposition and 1031 exchange transactions; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and market research. Founded in She rman Oaks in 1994, Lee & Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us in the San Fernando Valley at 818.986.9800; in Ventura County at 805.626.1200; or in Antelope Valley at 661.341.3300. Or visit us online at www.lee-associates.com.