The 5,330-square-foot industrial property, located at 14200 Aetna St., sold “due to its excellent location being just minutes away from both Sherman Oaks and the 405 freeway,” according to Zacuto Group listing agents Andrew Sinasohn and Jake Zacuto, who represented the undisclosed seller.
Daniel Hirth, Ethan Donel and Alex Reyhan of the Hirth Group represented the undisclosed buyer.
“We saw incredibly strong interest from both owner/user buyers and investors,” Zacuto Group Executive Vice President Sinasohn told the Business Journal. “As we approached the final bidding, the owner/users got incredibly aggressive with their terms. Very few properties like this trade in the area.”
The competitive interest in the property saw an outcome in which the buyer paid for the property in an all-cash deal that was non-contingent and within a short 14-day escrow.
“The property was only on the market for approximately one week,” Sinasohn said.
Other Van Nuys industrial sites which have sold in recent months include a 16,230-square-foot industrial site at 7020 Hayvenhurst Ave., which sold last December for $3 million, or nearly $188 per square foot. That same month, Rexford Industrial Realty Inc. acquired a portfolio of 18 separate buildings near Van Nuys Airport that totaled 426,466 square feet across 22.7 acres for $141 million, or $330 per square foot.