LOS ANGELES, July 18, 2019 /PRNewswire/ -- Optimus Properties, LLC, through an affiliate, and with financing provided by Goldman Sachs, has completed the purchase of a ten-story office/medical office building located in Tarzana, CA. The building, built in the mid-1970's, is occupied by office tenants. The property, located at 18321 Ventura Boulevard, consists of a 84,780 rentable square foot office building with 274 parking spaces on over an acre of land strategically located in the heart of the Ventura Corridor, an area which is reaching its vast potential for economic growth.
The property is located within convenient driving distance of three major Los Angeles Basin Freeways-San Diego (I-405), Hollywood (I-170) and the Ventura (US-101), as well as being located on iconic Ventura Boulevard. Situated in the near-center of the western San Fernando Valley, with convenient access to the major economic centers of Encino, and North Hollywood and Van Nuys, the Property is located at the virtual midpoint between such high-end residential areas as Encino Hills and Calabasas; as such, the property offers an ideal regional location. The property is a landmark in the area, being by far the tallest building within a two mile radius.
The property is fully entitled for up to 37,000 feet of medical use and is ideally positioned immediately adjacent to the newly expanding Tarzana Hospital to be jointly operated by Cedars-Sinai and the hospital's owner, Providence St. Joseph which acquired Tarzana Hospital in 2008 and has been upgrading its facilities and constructing a new patient care wing and emergency department. Under the terms of the new partnership, the hospital will be renamed and jointly run with Los Angeles–based Cedars-Sinai and will complete a $540 million dollar expansion in or about 2022. "This asset will be uniquely positioned to expand into medical office use in support of the new hospital development across the street, as well as being conveniently located to some of the most upscale residential markets in the region," stated K. Joseph Shabani. Optimus is excited to add this property to its expanding office portfolio, which includes buildings in the Pacific Palisades, Torrance, Canoga Park, Beverly Hills.
Within the past year alone, Optimus has achieved the acquisitions of a fully-leased 60,804 square foot office building in Torrance, California, and a 35,500 square foot office building located in Canoga Park, California; refinances of an office building in Pacific Palisades; and dispositions of commercial properties located in West Hollywood, West Hollywood adjacent, Venice, and Carmel-by-the-Sea, California, as well as several residential complexes, while maintaining a diverse and thriving portfolio of commercial and residential properties.
Optimus Properties, LLC, located in Los Angeles, California, was founded by Kamyar Shabani and K. Joseph Shabani and employs a disciplined investment approach focused on value creation in office, retail, office and medical office properties throughout Los Angeles.
SOURCE Optimus Properties, LLC