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5/29/12
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A 12k sf vacant retail property in the western San Fernando Valley community of Tarzana recently sold for $2.33 mil, or about $194/sf. The prime Ventura Blvd storefront property is located at 18553-18563 Ventura Blvd, in the heart of Tarzana’s business and entertainment district. It offers significant frontage and excellent visibility near one of the busiest intersections in the Valley at Ventura and Reseda Blvds.
Built in 1947, the property sits on approximately 0.39 acres of land and is located within a quarter of a mile from the new 250k sf Village Walk retail complex, which includes such tenants as Whole Foods and other high end boutique retailers. Additionally, it is within close proximity to many other major retail amenities in the area, the 101 Freeway, and the Tarzana Hospital.
Jeff Gould, Senior Associate, and Jeff Albee, Senior Vice President, of Colliers International represented the seller. Gould and Albee also represented the buyer, who will use the property for their dermatology and skin care practice.
In marketing the property, Colliers specifically targeted medical and office owner/user tenant s in the surrounding area, due to the proximity of the Tarzana Hospital. According to Colliers, the buyer is an owner/user who purchased the property using SBA Financing and whose plans are to rehab the asset for their medical practice.
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