Car Dealer Olsen Sells Encino Site Site to Developer
High land values have helped push Porsches and Audis off Ventura Boulevard in Encino.
Ground will be broken tomorrow at the former Merlin Olson Porsche/Audi dealership at 15493-15503 Ventura Blvd. for the $20-million, 3-story Encino Spectrum retail and office building.
“Land prices that are now exceeding $100 a square foot and limitations on high rises have made upscale retailers and offices for professionals the best use of the land,†says Tony Dorn, of Beitler Commercial Realty Services, who is representing the developers Yehuda Netanel and Morris Ishaaya of West Los Angeles.
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