A three-building office campus across the street from Providence Tarzana Medical Center has changed hands.
The multi-story buildings, totaling 160,300 square feet, were sold by Moss Group of Encino for $28.6 million, according to real estate data provider CoStar Group Inc. The buyer was Kort & Scott Financial Group of Anaheim.
The established professional center, on the northeast corner of Reseda and Burbank boulevards, generated a significant amount of activity and sold in less than a month, said Brandon Michaels, first vice president of investments in Marcus & Millichap’s Encino office. “There was a lot of competition,” he said.
The price represents $178 per square foot, significantly over the asking price, Michaels said. He and Earle Hyman, Marcus & Millichap’s senior vice president of investments, represented both buyer and seller on the deal.
The Moss Group developed the 2.3-acre Tarzana Professional Center in the 1960s. The three buildings, all within walking distance of Ventura Boulevard, are: 18401 Burbank Blvd., with two stories and 32,637 square feet; 18425 Burbank Blvd., with seven stories and 94,571 square feet; and 18455 Burbank Blvd., with five stories and 33,137 square feet.
The properties were 85 percent leased at the time the sale closed on Dec. 30.