SCOTT ROMICK TRANSACTS STUDIO CITY OFFICE SALE FOR APPROXIMATELY $2.5 MILLION

Lee Principal Scott Romick Revisits Seller After Earlier Rebuffs

 

SHERMAN OAKS, CA – Oct. 26, 2009 – After several overtures, Scott Romick, a Principal with Lee & Associates-LA North/Ventura, Inc., successfully transacted an office building sale at 4111 Lankershim Blvd. in Studio City on behalf of the buyer.

The property, a 9,500 square foot building, sold to an owner-user for approximately $2.5 million. Additional terms and names of the parties in the transaction were not disclosed.

The property is currently fully occupied, and was acquired as part of a strategic plan for future expansion.

 “Companies with visibility into the next few years have a tremendous opportunity to take advantage of today’s prices,” said Romick, who represented the buyers. “In the near term, my client also benefits from rental income from this asset.”

Romick added that his clients had first expressed interest in the property last year, but the owners were not interested in selling at the time. Romick continued to follow up and when the seller’s goals changed over the last year, he was able to bring the property to his client’s attention.

The seller, a private trust, was also represented by Romick.