A $23.5 million transaction for the acquisition of a 201-bed elderly care facility at 6700 Sepulveda Blvd. in Van Nuys was successfully completed by Avison Young. This property, covering an area of just over two acres, boasts a total of 49,818 square feet.
The seller, Boca Raton-based Pinnacle Holdings of Florida, Inc., was represented by Principal Peter Sherman from the West Los Angeles office, and principal Keith O’Donnell from the Boca Raton, FL office. The acquisition was made by an entity of California Healthcare & Rehabilitation Center, the current tenant at the property, who will continue to operate the facility.
Sherman explained, “The seller aimed to divest this asset in an off-market deal. Our team devised a targeted approach, focusing on both developers and operators in the elderly care sector. Subsequently, it became evident that operators in the elderly care industry presented the most robust group of potential buyers, given the high construction and development expenses. Hence, it was pragmatic to negotiate with the existing tenant.”