TARZANA, Calif., Jan. 20, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Tarzana Professional Center, a 160,345-rentable-square-foot office campus in Tarzana, Calif. The $28,650,000 sales price equates to $178 per square foot.

The 2.33-acre investment real estate asset is located just off Ventura Freeway at the northeast corner of Reseda Boulevard and Burbank Boulevard directly across the street from the Providence Tarzana Medical Center, the top medical center in the San Fernando Valley. Approximately 300,000 vehicles pass by the Tarzana Professional Center each day.

Brandon Michaels, first vice president investments, and Earle Hyman, senior vice president investments, both in Marcus & Millichap’s Encino office, represented the seller, The Moss Group, a family owned and managed Real Estate Investment and Development Company. Michaels and Hyman also represented the buyer, a private LLC.

“The offering provided investors with a rare opportunity to acquire an established professional center in a prime San Fernando Valley location,” says Michaels. “This was one of the largest Los Angeles County office transactions to be marketed and closed in 2014.”

“This is one of the premier commercial transactions in the San Fernando Valley in 2014,” adds Hyman.

The Tarzana Professional Center consists of three multi-story office buildings situated on three separate parcels, all within walking distance of Ventura Boulevard. The office buildings are: 18401 Burbank Blvd., two stories, 32,637 square feet; 18425 Burbank Blvd., seven stories, 94,571 square feet; and 18455 Burbank Blvd., five stories, 33,137 square feet. At the time of the sale, the Tarzana Professional Center was 85% occupied. There were multiple offers during the brief marketing process. The property closed escrow above the initial list price.

“We were able to create an auction-like environment through the implementation of our accelerated marketing plan, which allowed us to generate multiple offers within the first few weeks of the marketing process,” adds Michaels. “Due to the significant amount of activity we generated in a short amount of time, the property ultimately traded above the list price.”

About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit:

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