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8/25/15
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A fully occupied, 15.8k sf office building located in the northwest San Fernando Valley community of Porter Ranch sold for $4.925 mil ($312/sf). Built in 1985 and located at 11260 Wilbur Ave, the two-story building 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. It is situated 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, along with colleague Darrell Levonian, repped the buyer, Papazian-Hirsch Calabasas LP. The transaction closed at a 6.7 percent cap rate.
“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.”
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