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Thursday, Feb 29, 2024

Tarzana Professional Center Sells for $32 Million

The Tarzana Professional Center has changed hands for $32 million, according to Calabasas commercial brokerage firm Marcus & Millichap Inc. The medical and office campus with three buildings sits across the street from the Providence Tarzana Medical Center at the northeast corner of Reseda and Burbank boulevards. It has nearly 160,400 square feet on 2.33 acres. Moiez Benyaminov of Los Angeles bought the property for about $200 a square foot, according to CoStar Group Inc., from Kort & Scott Financial Group of Anaheim. Addresses for the buildings are 18401 Burbank Blvd., 18425 Burbank Blvd. and 18455 Burbank Blvd. They range in size from two to seven stories and from more than 32,600 square feet to nearly 95,000 square feet. Brandon Michaels with Marcus & Millichap said the property has been one of the area’s most desired for top tenants. Michaels and Earle Hyman represented the seller. “A substantial amount of capital has been invested into the campus recently that has contributed to positive absorption at rental rates significantly above previous rates,” Michaels said. The new owner plans to reposition the property and may convert a portion of it to medical use, due to its closeness to the hospital, Michaels added.

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