The sale of 5780 Canoga Avenue in Woodland Hills – a retail property that included tenants such as Baja Fresh, Salad Farm and The Stand – has closed in an off-market deal for $9 million.Â
Matthews Real Estate Investment Services’ Associate Kyle Pari and First Vice President and National Director Michael Pakravan represented both the buyer and seller in the transaction. The buyer, Bolour Associates, satisfied a 1031 Exchange and received a value-add opportunity with the purchase. The seller, Flamingo Investments, sold at a high price point. Both buyer and seller are California-based entities.
“The Woodland Hills area is growing at a rapid rate, increasing investor demand and driving prices,” Pari said in a statement. “We achieved a competitive price for the seller and the buyer acquired a retail property in a growing submarket with the potential for high yields.”
Woodland Hills is currently experiencing an influx of development and transaction activity, most recently with the $150 million sale of
 The Promenade mall by Unibail-Rodamco-Westfield.Â