A mixed-use property in Studio City has sold for $2.9 million or approximately $437 per square foot.
NAI Capital Commercial Senior Associate Ana Soulriver represented the buyer, a law firm, and assisted in assembling a finance and inspection team to complete the time sensitive transaction. The seller was represented by CBRE Group Inc.
Located at 3611 Cahuenga Blvd., the 6,635 square foot mixed-use commercial building is comprised of a spacious residential triplex above a 5-unit office building with views of the east San Fernando Valley. The residential portion was constructed in 1960 while the office space was completed in 1973. The property is situated in a high-traffic area of the Cahuenga Pass. Some of the features of the site include separate gas and electric meters serviced by a central water heater, and 15 parking spaces.
Zoned for LAC2, the property allows for a diverse range of uses including office, retail, residential and mixed-use. The property is in a prime Studio City area surrounded by shopping and entertainment amenities, minutes away from Universal Studios, Universal City Walk, and the 101, 134, and 170 freeways.
The new owner plans to expand its immigration law practice in the office space and lease the residential units.
“Our client had been facing challenges in finding the perfect office space to accommodate their thriving law practice over the past year,” Soulriver said in a statement. “When the neighboring property came on the market as part of a bifurcated trust, it presented a unique opportunity, albeit with heightened scrutiny, more stringent terms, and tighter deadlines for the buyer. It was truly a team effort that led to the successful completion of this transaction, showcasing our ability to collaborate and adapt to the most demanding situations.”
Studio City is seeing some residential development of late. One developer has proposed to build a six-story apartment building at a 16,000-square foot site at the southwest corner of Radford Avenue and Hoffman Street near Radford Studio Center called Radford Place. The complex will feature 58 studio, one-, two- and three-bedroom apartment units above a roughly 3,500 ground-floor commercial space. An 81-vehicle parking area will be built at-grade and in subterranean and podium levels. Architect Sam Aslanian is designing the Radford Place project.