Toluca Park Place Acquires 10220 Riverside Drive Mixed-Use Asset In Toluca Lake For $2.5M

A two-unit mixed-use retail/office building located at 10220 Riverside Drive in prime Toluca Lake has been sold for $2,475,000. The property spans a total of 4,456 square feet, resulting in a price per square foot of $555.43. The sale also includes two tenants and zero on-site parking. The building, fully renovated in 2017, is occupied by The Skin Agency and the accounting firm Foumberg, Juneja, Rocher & Company. This transaction marks a record-breaking price per square foot for Toluca Lake at $555.43.

Summary of transaction details

• Asset Type: Mixed-Use
• Date: 12/18/2019
• Address: 10220 Riverside Drive
• Market: Toluca Lake
• Price: $2,475,000
• SF: 4,456
• Price Per SF: $555.43
• Units: 2
• Buyer: Toluca Park Place
• Seller: Moliver

The successful closing of this transaction was facilitated by Daniel Hirth, Alex Reyhan, and Ethan Donel of The Hirth Group. The team represented both the buyer and seller and generated nearly a dozen offers within the first two weeks of marketing. The sale achieved a cap rate of 5.06% and a pro forma rate of 8.70%. The prime Toluca Lake submarket continues to attract strong interest from buyers and investors.