ENCINO, CA --Colliers International, the third largest global real estate services organization, has completed the $5.3 million sale of an approximately 7,487-square-foot freestanding vacant restaurant building on approximately 32,313 square feet of land.
The Colliers team was able to achieve tremendous pricing for the seller at more than $707-per-square-foot for the building and $164-per-square-foot for the land.
This highly visible property, located at 15927 Ventura Blvd., is situated in the heart of the Encino Business District and was formerly occupied by Islands Restaurant (top left photo)
Jeff Gould (middle right photo) and Brock Burnett (middle left photo) of Colliers International represented the seller, a private family trust. Rob Ippolito of Cushman and Wakefield out of San Diego represented the buyer, a private investor.
The asset was leased to the Islands Restaurant and is a landmark property in Encino. When Islands vacated the property in late 2011, Colliers was hired by the ownership to assess sale and lease strategies for the property.
Colliers launched an aggressive sale and lease marketing campaign, which ultimately lead to multiple qualified offers from tenants, investors and owner/users.
Ultimately, Burnett and Gould were able to create competition amongst multiple bidders and identified the most qualified investor to close on this asset all cash, at the highest price and with limited contingencies. The new ownership has enlisted the Colliers team to lease the property for them.
“Our team worked hand in hand with the property owner to establish a clear strategy to maximize value on this asset. After thoroughly analyzing all of the leasing prospects that we generated and comparing them to the sales offers, we determined that selling this asset was the best strategy for ownership,” said Gould.
For a complete copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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