LA-Area Office Building Changes Hands for $12M
- Apr 03, 2019
Lee & Associates Principal Stacy Vierheilig-Fraser and WESTMAC Executive Vice President Scott L. Gertz have closed the $11.6 million sale of an office building in Sherman Oaks, Calif. According to Yardi Matrix, the seller was Chapnick, Smukler & Associates.
Savills Corporate Managing Director Michael Shuken represented the buyer, a 1031 exchange private investor. Altura Credit Union provided $7.5 million in acquisition financing set to mature in April 2029, public records show.
Situated at 12925 Riverside Drive, the 38,994-square-foot building features open ceilings with exposed HVAC, a break room and covered parking. The four-story asset was built in 1986 and underwent cosmetic renovations in 2011, per Yardi Matrix information. Adjacent to Ventura Freeway and less than 15 miles from downtown Los Angeles, the building is in a dense residential area.
In February, another Lee & Associates team facilitated the $68 million sale of a 261,528-square-foot industrial facility in downtown Los Angeles. The firm represented both parties in the deal.
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