CBRE has arranged the sale of an 18,296-square-foot, two-tenant retail property in Van Nuys for $11.39 million to Sherman Way 26 Properties, LLC, a local private investor. CBRE’s Alex Kozakov and Pat Wade represented the seller, Duckhorn Partners, LP.
Situated on 1.21 acres at 14434-14480 Sherman Way, the property was built in 1995 and comprises two buildings and 70 parking spaces. It is occupied by a national healthcare provider and El Gallo Giro, a regional restaurant chain, both under long-term NNN leases.
Located centrally in the San Fernando Valley, the retail center benefits from strong visibility at Van Nuys Boulevard and Sherman Way, where traffic counts exceed 86,800 cars per day. The surrounding area is home to more than 328,851 residents within a three-mile radius.
“There is strong demand and premium pricing for prime locations with high barriers to entry and an established tenancy,” said Kozakov.
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