Real estate investment and management firm Siegel Group Nevada has sold its Studio City location for $7 million to the Nasa Group of Los Angeles, citing high demand for the property.

The local Siegel affiliate has owned 12080 Ventura Place since 2003. The two-story, roughly 13,000-square-foot office building has retail on the ground level and was built in 1986.

Siegel, based in Las Vegas, agreed to sell after receiving numerous offers from investors over the past year, in line with a redevelopment trend in the surrounding neighborhood.

The site sold for $533.50 a square foot and all costs and brokerage fees were paid by the buyer, according to Siegel.