Even the Smallest Assets Incite Interest in L.A.
- Aug 26, 2015
A 30-year-old office building in the Los Angeles market is off the market, following a transaction worth nearly $5 million. Winaldi Venture LP and Winaldi Bellisimo LLC sold the asset to Papazian-Hirsch Calabasas LP. The transaction was arranged by brokerage Charles Dunn Company representatives Justin Mendelson and Fred Sheriff and Darrell Levonian.
Located at 11260 Wilbur Ave, the two-story building is located on a one-acre site in the Porter Ranch neighborhood. The Spanish-style asset offers a total of 15,798 square feet of office space. The property offers proximity to the nearby Porter Valley Country Club and the Facey Medical Group in an affluent part of Los Angeles.
The brokerage firm affirmed that the property generated wide interest, with 10 different offers coming in for the property. Charles Dunn Company eventually closed the transaction with long-time client Papazian-Hirsch at a 6.7 percent cap rate.
According to Justin Mendelson, the property was “an opportunity for the buyer to trade from another property that we sold at a four percent cap rate into this office building in a submarket with great demographics and a cap rate of 6.7 percent.”