Lee & Associates-LA North/Ventura, Inc., a full-service commercial real estate firm serving the San Fernando Valley and surrounding communities, has sold a 29,000 SF industrial building for approximately $5 million. Built in 1972, the one-story building is situated on 75,000 SF of land and is located at 6203 Variel Ave., in the Warner Center area of Woodland Hills, Calif.

John Battle, principal, and Craig Stevens, principal, of the firm’s LA North/Ventura office represented both the buyer, Chandler Partners, a multifamily residential developer, and the seller, three separate family trusts.

“The buyer plans on building a 66-condo development, which will become the fifth commercial/industrial property in Warner Center that has been sold to a multifamily developer over the past 16 months,” said Battle. “In the Warner Center market, there will soon be a total of approximately 2,000 multifamily units built over the next three to four years.”

Lee & Associates-LA North/Ventura, Inc. is a member of Lee & Associates Group of Companies, which is one of the largest regional commercial real estate service providers in the United States. Each Lee & Associates office is independently owned and operated and represents a broad array of regional, national and international clients – from individual investors and small businesses, to large corporations and institutions.

Lee & Associates’ clients enjoy a comprehensive range of specialized commercial real estate services including: industrial, office, multifamily and retail property sales and leasing; real estate investment consulting, property acquisition and disposition; tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill, property and portfolio evaluation and market research.

Headquartered in Sherman Oaks, Calif., Lee & Associates-LA North/Ventura, Inc. commercial real estate services extends throughout the San Fernando Valley with an additional office in Calabasas, Calif. The Los Angeles-North office is located at 15250 Ventura Blvd., Suite 100 in Sherman Oaks, Calif.

Additional information is available at www.lee-associates.com