Monday, August 24, 2015

Charles Dunn Company Completes Office Property Sale in Porter Ranch Neighborhood of Los Angeles, CA


Justin Mendelson
LOS ANGELES, CA, Aug. 24, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4,925,000 sale, a fully occupied, 15,798-square-foot office building located in the affluent Porter Ranch neighborhood of Los Angeles. 

Built in 1985 and located at 11260 Wilbur Ave., the two-story, pride-of-ownership property is situated on just under one acre of land at the signalized intersection of Wilbur Ave. and Rinaldi St.

The asset features Spanish-style architecture and is occupied by office and professional tenants. The Property is across the street from Porter Valley Country Club and is one-half mile from the Facey Medical Group.

Justin Mendelson and Fred Sheriff of Charles Dunn Company represented the sellers, Wilnaldi Venture, L.P. and Wilnaldi Bellisimo LLC. The same Charles Dunn team including Darrell Levonian of the firm represented the buyer, Papazian-Hirsch Calabasas, LP.

Fred Sheriff
 The transaction closed at a 6.7 percent cap rate, and price-per-square-foot in excess of $300.

Charles Dunn Company garnered approximately 10 offers throughout the marketing process on Northridge Professional Park and worked with the seller to select a well-capitalized and experienced buyer. The buyer – a long-time client – has completed multiple transactions with the Charles Dunn’s Darrell Levonian over the years.

“This was an opportunity for the buyer to trade from another property that we sold at a 4 percent cap rate into this office building in a submarket with great demographics and a cap rate of 6.7 percent,” said Mendelson. 

“Additionally, the property offered a very stable tenancy history, attractive cash-flow within a sub-market that doesn’t have many office space choices, and limited new planned development.”

Mendelson added that “the majority of Northridge Professional Park’s tenants are local companies that are owned and/or led by executives who live in the nearby high-end residential communities. The area enjoys convenient retail, dining, entertainment and recreation amenities.”

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

Darcie Giacchetto
949.278.6224

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