Frank Melkonian Acquires Development Site In Van Nuys For $2.9M

14557 Friar Street, located in Van Nuys, was recently closed in a successful transaction. This development site offers a great opportunity for investors, with a total buildable area of 37,032 square feet. The property was sold for a price of $2,925,000, resulting in a price per buildable square foot of $78.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $2,925,000
• Buyer: Frank Melkonian
• Seller: Roy Rubanenko
• Brokers: Ethan Donel, Alex Reyhan, and Daniel Hirth - Hirth Group

Ethan Donel, Alex Reyhan, and Daniel Hirth of Hirth Group played a crucial role in the completion of this deal. They represented both the buyer, Frank Melkonian, and the seller, Roy Rubanenko. Their expertise helped facilitate a smooth transaction, and they worked closely with the architectural team to meet the buyer's requirements. The buyer's due diligence contingency was removed sooner than expected, leading to an all-cash transaction.