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9/10/18
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A two-building, 2.92-acre office property in Los Angeles County was purchased for $20 mil by C.A. Development Operations LLC, a private Los Angeles-based investor. The property, located at 4835 and 4849 Van Nuys Blvd in the southern San Fernando Valley community of Sherman Oaks, was sold by national healthcare REIT HCP Inc.
The property features two two-story medical office buildings, totaling 78k sf, and is situated near a variety of amenities, including Trader Joe’s, Whole Foods, Westfield Mall, a major park across the street, including the Sherman Oaks Recreation and Aquatic Centers, as well as various restaurants and entertainment venues. The location also provides easy access to the 405 and 101 freeways.
CBRE’s Bradford McCarthy and Cody Chiarella represented the seller in the transaction.
“This property presented the opportunity for the buyer to own an outstanding piece of real estate with tremendous future development potential in a prime location and in-place cash flow,” said McCarthy. “This is something many investors are seeking but is very hard to find in today’s competitive market.”
Infill suburban office properties across Southern California have been appealing to a variety of investors as properties tend to trade at a discount to replacement cost with good in-place cash flow at rents that have not yet met or exceeded the previous peak. As of the second quarter, the Greater Los Angeles office market had 1.1 msf of overall positive net absorption year to date, which already exceeded 2017’s annual total, according to CBRE’s latest quarterly research. Net absorption gains were distributed evenly throughout the region, including the San Fernando Valley, San Gabriel Valley and Ventura County. The region’s office rents have continued their long-term upswing and are now 44% above the low point from seven years ago.
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