Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VAN NUYS, CA-A private investor doing business as 5805 Sepulveda Partners LLC acquired an 89,000-sf office building at 5805 Sepulveda Blvd. in Van Nuys for $10.3M from Genesis Properties, Inc.

The buyer bought the nine-year-old building directly from the seller only days before the property, which was in receivership, would have gone into foreclosure, broker Bruce Frasco, of Charles Dunn Co., tells GlobeSt.com.The price of nearly $116 per sf for the eight-story, steel frame tower is well below market, which is about $150 per sf for comparable buildings, Frasco says, so the buyer wound up with a property with considerable upside potential.

“The investor bought the building at roughly 45% occupancy, but we’ve already leased another 12,000 square feet since the sale closed, and we have proposals working on the rest of it,” says Frasco, who represented the seller.

Frasco called the deal “a complicated transaction, involving a building that was in receivership with foreclosure pending.” He says, “We closed on a Friday, and it was going to the (foreclosure) sale the following Tuesday.”

The property originally was put on the market at about $13M, notes, but the former owner, who once occupied 70,000 sf of it, had vacated most of the space by the time of the sale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.