Los Angeles, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, arranges the sale of a commercial property in Canoga Park for $11.75M. The property is located at 7047-7019 Canoga Ave, in Canoga Park, CA. The deal was the largest multifamily development deal in the San Fernando Valley in 2020, according to CoStar. Senior Associate John Boyett and Senior Vice President & Senior Director Daniel Withers worked in tandem to broker the record-breaking transaction.
The 51,159 square foot development site is located steps away from Warner Center in the San Fernando Valley. The property is within walking distance to the Westfield Topanga & The Village, the third-largest shopping center in the United States with over 2.7M square feet of retail space. The shopping center consists of 300 retailers anchored by large tenants including Nordstrom’s, Costco, Neiman Marcus, and Target. The surrounding area is home to roughly 40,000 employers with large companies including Universal Music Group, Anthem Blue Cross, Kaiser Permanent, Northrop Grumman, Procter & Gamble, Farmers Insurance, Health Net, ADP, Morgan Stanley, and more. The development site is also in proximity to the Metro Orange Line Station. The property is in an Opportunity Zone, meaning that new investments, under certain conditions, can be eligible for preferential tax treatment.
Matthews™ John Boyett was recently promoted to Senior Associate. “Daniel Withers and I are incredibly proud to have brokered the largest multifamily development deal in the San Fernando Valley in 2020,” said John Boyett. “There were some bumps in the road due to COVID-19 and the rapidly changing market however, our market knowledge coupled with our extensive marketing efforts, enabled us to successfully broker the transaction.”
The seller was sourced through a cold call. They were motivated by a desire to dissolve a partnership and reposition equity. The property was being used for office and retail and was underperforming. Matthews™ agents determined that the highest and best use for the seller to exit the property was to market and sell to a developer. The buyer, an experienced affordable housing developer located in the San Fernando Valley, was sourced thanks to Matthews™ marketing efforts. The buyer was motivated by a desire to demolish existing improvements and build a group-up 209-unit affordable housing project.
“The buyer won by being able to secure a great in-fill development opportunity that is located in an Opportunity Zone,” said Daniel Withers. “Ultimately, we were able to recognize the increased value of the property as a development opportunity and leveraged Matthews™ Platform to get the value.”
For more information regarding this sale or if you have any other questions related to multifamily investment assets, please do not hesitate to reach out to John Boyett and Daniel Withers. To view current listings, please visit www.matthews.com.
Matthews Real Estate Investments Services™, the nation’s fastest-growing commercial real estate brokerage firm, holds recognition as an industry leader in investment sales and leasing. Founded in El Segundo, CA, and strategically positioned with over 300 agents and support staff in over 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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