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.”