Marcus & Millichap Arranges Sale of North Hills Retail Portfolio in Los Angeles
LOS ANGELES — Marcus & Millichap has brokered the sale of a two-property retail asset located in Los Angeles’ North Hills neighborhood. A limited liability company sold the portfolio to a partnership for $6.2 million.
The asset consists of two adjacent parcels featuring 7,835 square feet of building space and 52,260 square feet of commercial-zoned land. According to Marcus & Millichap, the sales price represents a market-leading price per square foot of $798 for the existing structures and $120 per square feet for the land.
Brandon Michaels, Steven Schechter and Sean Brandt of Marcus & Millichap’s Encino, Calif., office represented the seller and buyer in the deal.