Newmark has completed the $4.44 million off-market sale of an approximately 1.29-acre parcel of land located at 18600 Oxnard Street in Tarzana, CA.
Newmark’s Senior Managing Director Jeff Abraham, Executive Managing Director John DeGrinis and Senior Managing Director Patrick DuRoss, represented the seller, Columbia College Hollywood, as well as the buyer, Sinanian Development.
“Columbia College Hollywood executed a sale-leaseback of the land for five to 10 years and will continue to use the lot for parking,” said Abraham. “We deal-matched this opportunity in an off-market transaction by identifying Sinanian, a developer who is headquartered around the corner from this site. The developer has plans on building a multifamily or student housing property there after the lease term.”
He added, “Columbia College specializes in training the next generation of the entertainment industry, in particular filmmakers. With growing enrollment, the proceeds from the sale will be instrumental in funding for new equipment, classrooms and other needs.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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