A 7,383 square foot freestanding office building located at 28015 Smyth Drive in Valencia recently sold for $2,675,000 announced Executive Vice President Randy Cude and Vice President Matt Sreden of Spectrum Commercial Real Estate, Inc.
Spectrum CRE™ represented the buyer and seller in the transaction.
Located in Highridge Business Park the Property features nine private executive suites, large open bay, conference room, reception area, kitchen and storage area.
The property has a high image corporate identity and a campus environment. It is located near restaurants, daycare, and minutes away from the Valencia Town Center.
The office market has seen a rise in vacancy rates and lower asking rents in the third quarter of 2021 compared to 2020.
However, the office market has shown signs of promise and macroeconomic indicators remain optimistic.
The buyer, an owner/user, plans on occupying a percentage of the building and converting the remainder of the building into high-end executive office suites.
Randy Cude and Matt Sreden were able to negotiate a leaseback for the sellers to occupy a portion of the building.