Tarzana Professional Center, Tarzana, Calif. (Photo courtesy of Marcus & Millichap)
TARZANA, Calif., Oct. 20, 2016 – 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, an office and medical campus consisting of approximately 160,345 rentable square feet in Tarzana, California. The $32 million sales price equates to $200 per square foot.
“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,” says Brandon Michaels, first vice president investments in Marcus & Millichap’s Encino office. “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.”
Michaels and Earle Hyman, senior vice president investments, represented the seller and procured the buyer.
“The acquisition gives new ownership the opportunity to re-position one of the premier office centers in the region,” adds Michaels. “The property’s direct proximity to the top regional medical center in the San Fernando Valley makes converting a portion of the existing units to medical use an optimal choice.”
Built in 1963 and renovated in 1977 and 1982, the 2.33-acre property 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 Tarzana Professional Center consists of three multi-story office buildings that work together as a fully interactive office campus with shared parking spaces for 420 cars.
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