The sale of 5780 Canoga Ave. in Woodland Hills – a retail property that included tenants such as Baja Fresh, Salad Farm and The Stand – has closed in an off-market deal for $9 million.
The buyer, Bolour Associates, used the deal as part of a 1031 Exchange and received a value-add opportunity with the purchase. The seller was Flamingo Investments. Both the buyer and seller are California-based entities.
Matthews Real Estate Investment Services’ Associate Kyle Pari and First Vice President and National Director Michael Pakravan represented both the buyer and seller in the transaction.
“The Woodland Hills area is growing at a rapid rate, increasing investor demand and driving prices,” Pari said in a statement. “We achieved a competitive price for the seller and the buyer acquired a retail property in a growing submarket with the potential for high yields.”
Woodland Hills has seen an uptick in development and transaction activity, most recently with the $150 million sale of The Promenade mall. A big driver is the Warner Center 2035 Specific Plan, which has encouraged numerous multifamily, retail and hospitality developments.
“Using our proprietary database, we were able to source this deal off-market and execute a successful 1031 Exchange for both clients in the required timeframe, accomplishing their investment goals.” Pakravan said in a statement.