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Renovated Sherman Oaks Office Nabbed in 1031 Exchange Transaction
Colliers International negotiated the $16.7-million sale of a five-story office building in Sherman Oaks, CA. The 1031 Exchange transaction involved a property located at 5900 N. Sepulveda Blvd. on 1.24 acres near the heavily-trafficked intersection of Burbank and Sepulveda boulevards.
Originally constructed in 1981, the 86%-leased asset was acquired by Grand Pacific 7-28 LLC, a development and investment entity with real estate holdings throughout the San Fernando Valley. The seller was an unidentified private investor. Colliers represented both parties.
“It was both strategic and wise of the owner to invest more than $2 million in capital improvements to the interior and exterior of this nearly fully occupied building, which improved the overall image of the updated structure as an investment vehicle,” said Colliers’ Patrick Barnes, who led negotiations along with David Maling, Chris Maling, Kevin Fenenbock and Jacob Mumper.
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- ◦Sale/Acquisition


