Friday, December 13, 2013

$9 Million Buys San Fernando Valley Medical Office

Medical Office at 10515 Balboa Boulevard
 in Granada Hills neighborhood of Los Angeles, CA

John Smelter

 LOS ANGELES, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 42,729-square-foot medical office property located in the Granada Hills neighborhood of Los Angeles. The $9 million sales price equates to $211 per square foot.

            John Smelter, a senior director of Marcus & Millichap’s National Healthcare Real Estate Group in the firm’s San Diego office, represented the seller, Jamison Services Inc.

  Robert Johnston, a senior associate in Marcus & Millichap’s Palo Alto office, represented the buyer, a private investor.

            “Improving property operations and expectations for surging healthcare demand continue to draw investors to the medical office sector,” says Smelter.

            “The property is a stabilized asset that is well positioned for future growth in a thriving Los Angeles submarket,” adds Johnston.

Robert Johnston
            The building is located at 10515 Balboa Blvd. in the eastern San Fernando Valley community of Granada Hills.

Balboa Boulevard is a major thoroughfare serving Granada Hills and Greater Los Angeles. Interstate 5, Interstate 405 and California State Route 118 provide accessibility to the office building from all directions.

            The three-story medical building was constructed in 1983 on approximately 1.4 acres.

 For a complete copy of the company’s news release, please contact:

Gina Relva
 Public Relations Manager
(925) 953-1716