Fariborz Cohen Purchases Development Site From Ryan Scott For $4.4 Million In Van Nuys

The asset involved in this transaction is a development site located at 14602 Victory Boulevard, Van Nuys, CA 91411. The property was sold for $4,400,000. It encompasses a total of 15,691 square feet, with a building square footage (BSF) of 106,919, resulting in a price per building square foot (PPBSF) of $41 and a price per square foot (PPSF) of $280.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,400,000
• Buyer: Fariborz Cohen
• Seller: Ryan Scott
• Brokers: Ethan Donel, Alex Reyhan & Daniel Hirth - The Hirth Group
• BSF: 106,919
• PPBSF: $41
• SF: 15,691
• PPSF: $280
• Transaction Highlights: All Cash Closing, Short Due Diligence Period, Repeat Client, Delivered 91% Vacant at the time of Close, Two Corner Lots Totaling ±25,989 SF of Land, C2 & R3 Zoning, TOC Tier 4

Ethan Donel, Alex Reyhan, and Daniel Hirth of The Hirth Group represented both the seller and the buyer in this transaction. They effectively managed the challenges presented by the market and high vacancy rates to facilitate the sale. The seller's requirement for an all-cash buyer was met by their repeat client, ensuring a smooth escrow process.