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Lee & Associates Closes $6.5 Million Transaction in Van Nuys

1.2-acre site to house new 7-story Storquest facility adjacent to the 405 Fwy
Van Nuys, CA – Aug. 3, 2020 -- A 1.2-acre site located adjacent to the 405 Freeway at the Roscoe Blvd. on-ramp has changed hands for $6.5 million. The seller, a prominent real estate investor, was represented by Barry Schoenbrun, a principal with Lee & Associates. The buyer, William Warren Group Development, the operating owner/manager of the Storquest brand, was represented by Matt Benwitt, associate, also with Lee & Associates.

“The original closing date was extended three times which resulted in an 18-month escrow to allow the buyer time to complete the entitlement process,” said Benwitt. “However, the property is located next to the freeway, which allows for maximum amount of visibility and it is perfect for their brand.”
Located on Roscoe Blvd at the south-bound on ramp of the 405 Freeway, the plans call for a 127,000 SF, seven-story structure which will be the 66 th property for Storquest in California. The property currently holds an 8,000 SF, one-story structure, which will be demolished.

“In this case, the seller had purchased the property more than 14 years ago with the intent to develop it; however, it never happened,” said Schoenbrun, who represented the seller in the original 2006 transaction. “When they decided to sell, Storquest made an ideal purchaser given the location and the use requirement. They also understood the long lead time that entitlements can take – we had to get several extensions – and were willing to wait.” 

Construction is expected to start in August of this year with completion anticipated in 4 th Quarter, 2021.  

About Lee & Associates - LA North/Ventura, Inc.
Celebrating 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada. With more than 900 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Lee & Associates-LA North/Ventura, Inc. provides industrial, office, retail and multifamily/investment and development land brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. For more information, visit or follow us on Facebook , LinkedIn and Twitter.