Stepan Gevorgyants Purchases 3755 Beverly Boulevard Medical Office From Dale Chang For $7.9M

The property asset involved in the transaction is a 14,000 sq.ft. medical office building located at 3755 Beverly Boulevard, Los Angeles, CA 90004. The property sold for $7,900,000, reflecting a price per square foot of $564. It is situated on a 24,000 sq.ft. lot and is zoned as C2-1 (Q)CM-1 TOC Tier 4, offering various development opportunities.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $7,900,000
• Sale Price per Square Foot: $564
• Land Price per Square Foot: $329
• Price per Buildable Door: $71,818
• Buyer: Stepan Gevorgyants
• Seller: Dale Chang
• Brokers: Oron Maher - Maher Commercial Realty, Jeremy Shore - Maher Commercial Realty, Anthony Behar - Major Properties

The transaction involved Maher Commercial Realty and Major Properties, who facilitated the sale after initially assisting the seller with filling a small office vacancy in the building. Over the course of the transaction, the property was listed for sale due to a court-appointed provisional director's request, leading to a competitive "call for offers" from a development group which spanned over two years. After an escrow cancellation, the property was ultimately secured by an owner-user for the medical office building.