Retail Corner in San Fernando Trades for $2 Million

A single-story, two-tenant retail property in the city of San Fernando has sold for $2 million, or $382 per square foot.The property at 101-103 N. Maclay Ave. on the corner of First Street has 5,240 square feet of space. Payam Naffas and Elham Partovi are the new owner/users of the property and will occupy about 2,200 square feet. The other tenant is Industrial Shoe Co., which moved into 3,040 square feet of storefront in June 2020, according to CoStar data.Michael Sharon and Carol Marmor of illi Commercial Real Estate handled the transaction on behalf of seller David Hakimi, who owned the site since 2014. Eric Delgado of KW Commercial in Encino represented buyers Naffas and Partovi.“The owner-user who bought the property is a dentist and they will be using a portion of it to move their dental practice into it,” Sharon told the Business Journal Thursday.The other tenant at the site is Industrial Shoe Co., which moved into 3,040 square feet of storefront in June 2020, according to CoStar data.Comparable transactions in the region include this month’s purchase of 1335 Truman St. in San Fernando for $1.5 million, or $411 per square foot; and a September 2020 sale of 608 N. Maclay Ave. in San Fernando, which garnered $1.1 million, or $324 per square foot.