TARZANA, CA-Ethan Christopher LLC of Encino, CA has acquired the 53,125-square-foot Wilbur Medical Plaza in a joint venture with a prominent institutional MOB investor, according to Marcus & Millichap brokers who negotiated the deal. Evan Kovac and Nic Lyon, both medical office investment specialists in the San Diego office of Marcus & Millichap, tell GlobeSt.com that the medical office building sold for more than $14.1 million in what they describe as the largest brokered medical office building sale in Los Angeles County in the past year.

Kovac and Lyon represented the seller, West Hollywood, CA-based Atlantic Pearl Investments Inc. They report that the property, which was 86% occupied at the close of escrow, was privately marketed to a select group of medical office REITs, pension funds, private equity and institutional medical office investors, both locally and nationally. Ethan Christopher LLC, along with its institutional partner, was selected from several offers from highly qualified bidders, the Marcus & Millichap team reports.

Ethan Christopher principal Mark Hamermesh observes: “Wilbur Medical Plaza is the premier medical office building in Tarzana’s historically tight medical office submarket.” Lyon added that Ethan Christopher "will continue to operate Wilbur as the premier building in the marketplace.”

Wilbur Medical Plaza is located on a 30,218-square-foot corner parcel at 5620 Wilbur Ave. in Tarzana, less than one mile from the Providence Tarzana Medical Center, a 245-bed acute-care facility. The property is easily accessible from US Highway 101 and Ventura Boulevard.

Built in 1986, the three-story plaza features four levels of subterranean parking, prominent signage and a sleek exterior surrounded by landscaping. The building’s tenants are physicians, an on-site surgery center, an imaging center, a pharmacy and other medical related businesses.