IMT Capital Buys Land In Sherman Oaks
Backed by a multi-million dollar investment fund, IMT Capital LLC is at it again, scooping up a long-coveted property in Sherman Oaks. The Sherman Oaks real estate investor purchased the 2.37 acre site along Magnolia Boulevard, located just west on Van Nuys Boulevard, for $4.28 million. The location--with 360 feet of frontage on Magnolia--spurred considerable interest and more than a dozen offers, brokers said. The property is zoned for both multifamily and single-family homes. There is currently one house and duplex on site. Principal David Tedesco of IMT Capital LLC said the real estate investor is still weighing its options for the site. "We see some great potential for the property, but haven't figured out what will work best there yet," he said.
Using a $350 million committed equity fund, IMT has been buying up property across the Valley. The developer has several projects in the works, including a 354-unit apartment an town home project at the former Northridge Hospital Medical Center Sherman Way campus in Van Nuys. Clark Everitt and William Everitt of The Everitt Group, both vice presidents with Investment Real Estate Associates, represented the buyer and the seller, a private family trust. "Three-bundred and sixty feet frontage on Magnolia (Boulevard) in the Valley is a pretty amazing situation," Clark Everitt said. He said the deal is the largest land sale in Sherman Oaks since 2010. Hundreds of investors have been eyeing the more than two-acre property over the last 20 years, he said.
(Originally reported in the San Fernando Valley Business Journal, April 30, 2012.)