A 10,144-square-foot office and retail building in Van Nuys has sold for $3.5 million, or $345 per square foot.
The building, located at 6801-6817 Sepulveda Blvd. at a signalized corner, is 100 percent occupied. The anchor tenant is a Domino’s Pizza outlet.
Ash Joshi of Capital Realty Solutions represented both buyer Sepulveda@Vanowen LLC and seller Alita Property LLC. The buyer acquired the property in an all-cash purchase by completing a reverse 1031 exchange.
“After COVID, the tenant base was decimated with high vacancies and non-performing tenants,” said Joshi, who filled all the vacancies and renegotiated all of the leases to provide income stability for the new owners.
The buyer owns the adjoining property and with the purchase was able to extend its holdings to the corner of Sepulveda Boulevard and Vanowen Street.