Avison Young closed the $23.5-million sale of a 201-bed senior housing facility located at 6700 Sepulveda Blvd. in Van Nuys. Situated on just over two acres of land, the property totals 49,818 square feet.
Principal Peter Sherman, based in the firm’s West Los Angeles office, and principal Keith O’Donnell, based in he Boca Raton, FL office represented the seller, Boca Raton-based Pinnacle Holdings of Florida, Inc. An entity of California Healthcare & Rehabilitation Center, the tenant at the property, was the buyer. The buyer will continue to occupy the asset.
“The seller was interested in executing the disposition of this asset as an off-market transaction,” said Sherman. “Our team pursued a targeted strategy to both developers and senior housing operators. Ultimately, due to the higher costs of construction and capital required for development, senior housing operators provided the strongest buyer pool, and it made sense to negotiate a deal with the existing tenant.”