WESTLAKE VILLAGE, CA, March 14, 2012. – Colliers International, the third largest global real estate services organization, has completed the sale of a 45,103-square-feet, multi-tenant office building located at 31225 La Baya Drive, Westlake Village, Calif. The transaction is valued at $4.8 million.William Gloege, Associate Vice President, based in Colliers International’s Downtown Los Angeles office, Jeff Albee (middle right photo), Senior Vice President, Jeff Gould (middle left photo), Senior Associate and Chris Itule (lower right photo), Senior Associate, all based in the Encino office represented the Seller and Buyer.
The Seller was a national Special Servicer. The Buyer was Toth Properties, a private capital syndication investor.
“We successfully developed and executed a top tier marketing strategy that not only maximized the value of the asset, but also ensured a fluid closing within a specific and tight time frame,” said Gloege.
“At the time of foreclosure, leasing and tenant relations at the property had been abandoned by the previous owner, requiring a quick and effective solution. We quickly worked with a Special Servicer to mitigate these issues, stabilize the property and preserve value,” added Gloege.
The multi-tenant office building is located in the heart of Westlake Village, one of the most affluent communities in California and is an ideal value-add opportunity.
At the time of the sale, the property was 60% occupied with rent upside, which commanded a low initial capitalization rate for the Seller. This represents one of the first REO sales transactions for a commercial property in the Westlake Village market.
Contact:
Jennifer Hsieh
Regional Marketing Manager
+1 949 724 5545
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