Avison Young closed the $23.5-million sale of a 201-bed senior housing facility located at 6700 Sepulveda Blvd. in Van Nuys. Situated on just over two acres of land, the property totals 49,818 square feet.
Principal Peter Sherman, based in the firm’s West Los Angeles office, and principal Keith O’Donnell, based in he Boca Raton, FL office represented the seller, Boca Raton-based Pinnacle Holdings of Florida, Inc. An entity of California Healthcare & Rehabilitation Center, the tenant at the property, was the buyer and will continue to occupy the asset.
“The seller was interested in executing the disposition of this asset as an off-market transaction,” said Sherman. “Our team pursued a targeted strategy to both developers and senior housing operators. Ultimately, due to the higher costs of construction and capital required for development, senior housing operators provided the strongest buyer pool, and it made sense to negotiate a deal with the existing tenant.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).