Marcus & Millichap Closes Sale of Tarzana Center in LA
- Oct 21, 2016
Los Angeles—Marcus and Millichap recently closed the sale of Tarzana Professional Center, an approximately 160,345-rentable-square-foot office and medical center. The sale price equated $32 million, or $200 per square foot.
Marcus and Millichap’s First Vice President Investment Brandon Michaels and Senior Vice President Investments Earle Hyman represented the seller and procured the buyer. The buyer was Sierra Corporate Management, according to real estate data provider Yardi Matrix. The seller was undisclosed.
Tarzana Professional Center is located at the northeast corner of Reseda Blvd. and Burbank Blvd., across the street from Providence Tarzana Medical Center, and has easy access to US route 101/Ventura Freeway.
The campus consists of three multi-story buildings, built in 1963, 1977 and 1982 respectively. Each building underwent cosmetic renovations in 2015 and range in size from two to seven stories with 32,600 to approximately 95,000-square-foot floor plates. The complex has a total of 481 parking spaces.
“One of the most sought-after office complexes in the immediate submarket, the Tarzana Professional Center has a long history of attracting top-tier tenants,” said Michaels in a prepared statement. “Plus, a substantial amount of capital has been invested into the campus recently that has contributed to positive absorption at rental rates significantly above previous rates,” he added.
Image courtesy of Yardi Matrix