Lee & Associates-LA North/Ventura Transacts Sale of Woodland Business Park in Palmdale

Tenant Roy Medical Group purchases property for expansion

 

PALMDALE, CA – Mar. 24, 2016 – Woodland Business Park, a six-building campus totaling 44,000 square feet of office space, has traded for $4,873,000, according to John Battle, SIOR, managing director and principal of Lee & Associates-LA North/Ventura, who represented the seller in the transaction.

The property, located at 1601-1609 and 1543 Palmdale Blvd. in Palmdale, CA, sits on a 4-acre parcel of land with buildings ranging in size from approximately 5,000 square feet to approximately 8,000 square feet. With 5 per 1,000 surface parking, the campus is ideally suited for medical use. It is currently 80 percent occupied.

“This is a unique property that allows the buyer to expand its medical offices with plentiful parking and good visibility,” Battle said. “There are six buildings on eight separate parcels so the buyer can occupy its own discrete space and receive rental income from the remaining space.”

The property configuration, on eight separate parcels, is highly favored by buyers because it provides flexibility for future modifications.

The buyer, Roy Medical Group, currently occupies about 3,000 square feet in the complex, and will expand to occupy over half of the property.Roy Medical Group also operates medical offices in Canoga Park and Van Nuys.

The purchase was facilitated by a loan through Irvine, CA-based Plaza Bank.

The seller, Woodland Business Park, LLC, acquired the property in 2008. The investment group chose to divest the asset in order to redeploy funds into other markets.