IMT Capital LLC has purchased 2.37 acres in Sherman Oaks for $4.28 million.
The location—along Magnolia Boulevard just west of Van Nuys Boulevard—spurred considerable interest and more than 12 offers, brokers said.
The property is zoned for both multifamily and single family homes and there is currently one house and a duplex onsite.
Principal David Tedesco of IMT Capital said the Sherman Oaks-based real estate investor is still weighing its options for the site.
“We see some great potential for the property, but haven’t figured out what will work best there yet,” he said
Backed with a $350-million committed equity fund, IMT has been scooping up property across the Valley. The developer has several projects in the works, including a 354-unit apartment and townhome project at the former Northridge Hospital Medical Center Sherman Way campus in Van Nuys.
Clark and William Everitt of The Everitt Group, both vice presidents with Investment Real Estate Associates, represented the buyer and the seller, a private family trust.
“Three-hundred and sixty feet of frontage on Magnolia (Boulevard) in the Valley is a pretty amazing situation,” Clark Everitt said.
Everitt said the deal is the largest land sale in Sherman Oaks since 2010, adding hundreds of investors have been eyeing the more than 2-acre property over the last 20 years.