With eyes toward developing an apartment project, the Sherman Oaks real estate investment firm IMT Capital LLC has purchased the former Northridge Valley Hospital campus for nearly $15 million, according to the brokerage firm that handled the deal.
The Valley investor purchased the more than 160,000-square-foot site from The King’s University, a Pentecostal seminary and college. The religious educator used part of the building for additional administrative services and leased a portion to a production company, according to NAI Capital Inc.
The King’s University remains in business and is located nearby on Sherman Way.
Both the buyer and seller were represented by Lee Black, an executive vice president with NAI Capital.
The King’s University purchased the property in 2006 and planned to transform it into a school complete with classrooms and dormitories, according to a listing on LoopNet. The Van Nuys hospital campus closed in 2004.
IMT’s purchase and desire for the property comes as little surprise. The apartment market remains one bright spot in the real estate industry. In recent years, investors have scooped up former industrial and commercial sites for low rates with plans to develop apartment complexes.
Officials with IMT and The King’s University could not be reached for comment.
The deal closed escrow in early September, Black said. The King’s University is currently leasing a small space in the building from IMT on a short term basis, he said.