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Friday, May 24, 2024

Reseda Retail Property Sells for $3.8 Million

In Reseda, a 10,873-square foot retail property has sold for $3.8 million, according to James Brian Markel, regional manager of the Encino office of brokerage Marcus & Millichap Inc. The property at 18815 Sherman Way – at the corner of Wilbur Avenue – currently has three tenants: a tunnel car wash, an auto repair shop and an audio installation shop. Associate Rosaleen O’Sullivan, First Vice President of Investments Martin Agnew, and Senior Associate Ryan Rothstein-Serling of Marcus & Millichap’s Encino office handled the exclusive listing for the single-story 1958 building on behalf of the seller, a limited liability company identified by CoStar Group as Leon and Lina Ahdoot. The buyer was a partnership who also secured representation from Marcus & Millichap’s O’Sullivan, Agnew and Rothstein-Serling. “The buyers were drawn to the asset’s strong location in a rapidly gentrifying submarket,” Markel said in a statement. “They purchased with the intent to redevelop the carwash for their own business use. The seller was motivated by market timing.”

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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