 |
| 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
No comments:
Post a Comment