Van Nuys Office Buildings Sell for $22 Million

A two-building, 100,000-square-foot office portfolio in Van Nuys has sold for more than than $22 million, according to CoStar Group Inc. Harrison Street Real Estate Capital in Chicago and Vukota Capital Management in Los Angeles bought Valley Medical Plaza I at 14600 Sherman Way, a 50,000-square-foot office building built in 1990, and Valley Medical Plaza II at 14624 Sherman Way, a 52,000-square-foot office building built in 1991, for nearly $22.4 million, or about $218 a square foot, according to CoStar. The seller was Excelsior LaSalle Property Fund Inc. in Stamford, Conn. Tenants in the building are mostly health care providers. In comparison, 6640 Van Nuys Blvd., a 36,000-square-foot office building built in 1951 and also in Van Nuys, sold in June for $5.86 million, or nearly $163 a square foot.