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9/14/21
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A 24.9k sf office building in the San Fernando Valley community of Sherman Oaks traded hands in a $7 mil deal, valuing the property at around $280/sf. The structure, located at 5121 Van Nuys Blvd, just south of Magnolia Blvd, is a highly visible brick-clad building, located along the major thoroughfare of Van Nuys Blvd.
The building was delivered at the close of escrow partially leased, and the owner plans on occupying a portion of the space. With gated parking and a central patio courtyard, highly visible signage, freeway access and proximity to numerous amenities, the building generated multiple offers and interest.
The buyer was Fifty One 21 LLC, a designer and installer of custom solar solutions. CBRE’s Mark Perry, Carlene O'Neil and Kyle Barratt represented the seller, Valley Corporate Community Center LLC.
“With the lack of comparable product available in the San Fernando Valley, we weren’t surprised by the level of activity we received from multiple qualified buyers looking to purchase an office building for their own use,” said Perry.
Despite near-term trends, occupier demand in Greater LA has demonstrated a robust rebound, particularly compared with other major metro areas. According to CBRE’s Pulse on U.S. Office Demand, Los Angeles stands out as one with the strongest position of growth in 2021 with leasing activity as of June 2021 at 40% above pre-pandemic levels (2018 / 2019 average) and well-above the national average. Leasing remains most active in submarkets like Culver City and Burbank that boast resilient content production-oriented tenants and highly desired creative office space.
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