Los Angeles, Calif. – A private LLC investor has purchased the property located at 12318 Ventura Boulevard in Studio City, California. The property is fully leased to Sit N Sleep, who has been a tenant for 11 years. The current lease terminates in 2023, with a six-year option to renew. Kidder Mathews’ Tanel Harunzade, Darrell Levonian, and Brittney McCarthy represented the seller — a private family who had owned the property for decades.
The building comprises ±15,000 square feet on two levels. It is within several walkable blocks of popular retail and restaurant destinations — including Trader Joe’s, Sugarfish, Rocco’s Tavern, and Joan’s on Third. It is also within a few blocks of the north/south Laurel Canyon Boulevard, which is a popular thoroughfare between the San Fernando Valley and the West Los Angeles communities of Beverly Hills, Hollywood, West Hollywood, and Century City.
“While we faced some challenges amid rising interest rates, the buyer seemed to consider his investment a priority to own and was able to secure financing and successfully complete the purchase,” said Levonian.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 52 million square feet of space, and conducts over 2,600 appraisals annually.