LOS ANGELES—A private investor has purchased theTarzana Professional Center from the Moss Group for $28.7 million. The 160,345-square-foot office property sold for $178 per square foot, and attracted substantial interest from buyers, eventually selling above the asking price.

“We received significant interest and multiple offers,” Brandon Michaels, first VP of investments at Marcus & Millichap, tells GlobeSt.com. “They property sold within the first three weeks of launching our marketing efforts. The buyer profile ranged from office investors to investors coming out of different product types, and the asset received significant demand due to its location and the perceived value-add component.” Michaels represented both the buyer and the seller in the transaction along with Earle Hyman, SVP of investments.

The Moss Group decided to dispose of the property because it wanted to diversify the equity across different asset types, according to Michaels. Sitting on 2.33 acres, the property has a total of three buildings ranging in size from 32,637 square feet and 94,571 square feet. It has a great location near the Providence Tarzana Medical Center, with high traffic of approximately 300,000 cars that pass by each day. At the time of the sale, the building had an 85% occupancy rating.

“The transaction shows that there is a significant demand for well-located office and a belief that the overall marketplace will progress to allow for stabilization of vacancy and projected rent growth in the immediate future,” says Michaels. Other recent sales in the Tarzana market include the Ventana Medical Plaza, an 112,500-square-foot, four-story medical office facility that sold for $32 million in October last year. The development was 70% pre-leased at the time of the sale.