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Marcus & Millichap Brokers $8.9M Sale of Walgreens-Occupied Property in Reseda, California

18430-Sherman-Way-Reseda-CA

The buyers plan to redevelop the property, which is currently occupied by a Walgreens, into a multifamily community.

RESEDA, CALIF. — Marcus & Millichap has arranged the sale of a retail building located at 18430 Sherman Way in Los Angeles. A limited liability company sold the asset for $8.9 million. The buyer was an undisclosed limited liability company.

Walgreens occupies the 14,900-square-foot property under a lease agreement until 2023. The buyer plans to redevelop the property – most likely to multifamily – upon lease expiration. The property allows for the development of up to 223 residential units.

Brandon Michaels of Marcus & Millichap represented the seller and buyer in the deal.

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