REBusinessOnline

ECP SELLS SHERMAN PLAZA FOR $49.5 MILLION

Posted on by in Office, Western

VAN NUYS, CALIF. — Belmont, Calif.-based Embarcadero Capital Partners has sold the two-building, 267,955-square-foot, Class A office property known as Sherman Plaza East & West for $49.5 million. The building is currently 95 percent leased. The buyer, Calabasas, Calif.-based Majestic Investments, assumed the existing $39 million loan which carries a 5.9 percent interest rate. Bob Safai of Los Angeles-based Madison Partners represented the seller.

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