A two-story office building in Porter Ranch has changed hands for $4.9 million, or about $310 a square foot. The fully leased, 15,800-square-foot Northridge Professional Park houses medical and professional tenants and is located at 11260 Wilbur Ave. at the corner of Rinaldi Street, directly across from the Porter Valley Country Club. The property was on the market for about six months and attracted strong interest from potential buyers, said Justin Mendelson, senior director at Charles Dunn Co., a Los Angeles real estate brokerage. “All of the tenants are long-term, local business owners which makes it a cash-flow stable, attractive property for investors,” he said, adding that office space in that area is limited. Mendelson and his colleague Fred Sheriff represented sellers Wilnaldi Venture L.P. and Wilnaldi Bellisimo LLC. The same team, along with Charles Dunn’s Darrell Levonian, represented the buyer, Papazian-Hirsch Calabasas LP. “This was an opportunity for the buyer to trade from another property that we sold at a 4 percent cap rate into this office building in a submarket with great demographics and a cap rate of 6.7 percent,” said Mendelson.
