Former Studio City Gap Site Sells for $7.3 Million

The site of a longtime Studio City Gap clothing store has sold for $7.3 million, or $634 per square foot.Located at 12169 Ventura Blvd., the property has 55 feet of street frontage at the signalized intersection at Vantage Avenue. A Gap store occupied the premises for 28 years.Four other storefront properties in Studio City sold in 2019 but none since, according to records from NAI Capital. So the former Gap location sets the current benchmark. The $634 square-foot price is the median for all five properties.NAI Capital Commercial Senior Vice Presidents Glenn Melnick and Cheryl Pestor negotiated the sale of the 11,429-square-foot retail property. Melnick and Pestor represented the seller, a family trust, and the buyer, Saber Studio City LLC, in the transaction.The sellers owned the asset for more than 37 years.The building was vacant at the close of escrow. The new owner plans to hold the property as a long-term investment, according to the NAI Capital brokers.Said Melnick: “This property is the best among Ventura Boulevard’s limited inventory of commercial real estate for sale. The trade area has high barriers to entry and low vacancy. Both buyer and seller were thrilled with this deal.”