Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 17909 Soledad Canyon Road, an approximate 19,849-square foot medical office property, according to James Markel, regional manager of the firm’s Encino office. The asset sold for $6.25 million, or $315 per square foot.
Ryan Rothstein-Serling, Martin D. Agnew and David Black, investment specialists in Marcus & Millichap’s Encino and South Bay offices, represented the seller, TDA Investment Group, an institutional real estate management company. Rick Hawn of Realty Executives Commercial, represented the buyer, Intertex Property Advisors Inc., a commercial real estate services firm that specializes in the development and management of retail, industrial and office properties.
The property sold off-market and was 25% occupied by Optum – Canyon Country at the time of sale. The buyer’s motivation was to hold the property as an investment as they have a tenant-in-tow for the entire second floor, totaling approximately 11,714 rentable square feet.
The building was formerly 100% occupied by Facey Medical, which moved to a larger facility in 2018.