CBRE Arranges $6.3 Million Sale of Owner-User Office Building in Northridge

CBRE facilitated the sale of a three-story, 24,203-square-foot office building located at 16909 Parthenia Street in Northridge, Calif. An owner-user acquired the property for $6.3 million, or $260 per square foot.

CBRE’s Mark Shaffer, Anthony DeLorenzo, Gerard Poutier, Dylan Rutigliano and Cody Chiarella represented the seller, Woodland Group LLC, in the transaction.

“This owner/user sale highlights the value of well-located, low-rise office assets in the San Fernando Valley,” said Shaffer, senior vice president at CBRE. “The area’s demographics and properties’ accessibility, flexible occupancy potential, and proximity to major amenities made it a compelling opportunity for this particular owner-user.”

Located just west of Interstate 405, the site benefits from a quieter, neighborhood feel while maintaining excellent connectivity. It is situated near The Mix, a 40-acre creative campus that is home to Harman International, Regal Medical and other retail, dining, and fitness amenities.

According to CBRE research, the Northridge submarket boasts a 9.5% vacancy rate, one of the lowest in the San Fernando Valley, reflecting strong demand.