Acre Sells for $11 Million in Sherman Oaks

A 1-acre development site in Sherman Oaks has sold to investors for $11.4 million. The site, which includes 150 feet of frontage on Ventura Blvd., is currently the Star Hotel Inn & Suites and a vacant restaurant. The buyer plans to develop the land in the future. The seller was a private investment group led by Ben Nehmadi at Republic Investment Co. in Century City. Berkadia, a real estate advisory firm, brokered the deal. “The buyer was interested in the site predominantly due to its prime location and opportunities for future development,” Adrienne Barr, managing director at Berkadia, said in a statement. “This sale presented a rare opportunity to purchase an acre of land in one of the San Fernando Valley’s most affluent areas.” The parcel is located at 15485 Ventura Blvd. near the Sherman Oaks Galleria shopping mall.