Sherman Plaza, San Fernando Valley

Sherman Plaza, San Fernando Valley

The San Fernando Valley’s third-quarter office vacancy dropped slightly to 11.9 percent from 12.2 percent in the second quarter and 13.3 percent in the year-earlier period. Class A rents dropped to $2.82 from $2.86 in the second quarter, compared with $2.74 in the year-earlier period. Net absorption was at 128,443 square feet.

Main Events

-Pacific Reach Properties acquired the 280,229-square-foot Sherman Plaza, at 15350 and 15400 Sherman Way, Van Nuys, from Majestic Office Park for $61.9 million.

-GGP Inc. acquired a retail department store at the Northridge Fashion Center, 9301 Tampa Ave., from

Seritage Growth Properties for $20.8 million as part of a portfolio of former Sears properties.

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