LOS ANGELES, Feb. 8, 2013 /PRNewswire/ -- IMT Capital LLC, a private equity firm along with its affiliate IMT Residential, a leading nationwide apartment operator with multi-family properties that extend throughout California, Arizona, Texas and Florida, announced today the acquisition of the Sunkist building in Sherman Oaks, California.
Constructed in 1971 and located at 14130 Riverside Drive, this landmark structure has distinctly served as Sunkist Growers, Inc. headquarters for over 41 years. Founded in 1893, Sunkist is a cooperative of family growers and is one of the world's oldest and largest citrus marketing cooperatives.
The Sunkist property is situated on 8.5 acres adjacent to the 101 Ventura Freeway and Westfield Fashion Square Mall in the Sherman Oaks neighborhood of Los Angeles.
The property is currently operated as a multi-tenant office building with higher than market vacancy representing a prime opportunity to preserve and reposition the architecturally significant A.C. Martin, Jr. designed building as a premier office asset.IMT Capital intends to develop the remainder of the large infill property with a mixed use project containing multi-family and retail components while preserving the original office building. Once completed the project will provide the Sherman Oaks community with a one of a kind Live/Work and shopping experience. "The Sunkist property is unique in the market and represents a great opportunity for creative placemaking that will complement and serve the Sherman Oaks neighborhood," said David Tedesco, Principal of IMT Capital. "Our talented development team looks forward to working on this project with the community and to conserve this iconic building for future generations." About IMT CapitalIMT Capital, LLC is a private real estate investment firm headquartered in Sherman Oaks, CA with offices in San Francisco, CA, San Diego, CA and Austin, TX. The principals of the company have made real estate investments in excess of $2.5 billion in value since 1992. The company is a specialized investment manager concentrating in multifamily opportunities in major U.S. markets. For more information about IMT Capital, visit www.imtcapital.com. About IMT ResidentialIMT Residential is a Sherman Oaks based full-service operator of multi-family residential communities. The company currently manages over 21,000 residential units with an additional 1,044 units under construction or in the development pipeline. Founded in 1992, IMT Residential is recognized as a leader in the multi-family industry by focusing on acquiring, managing, redeveloping and developing the highest quality residential communities. For more information about IMT Residential visit www.imtresidential.com. Sunkist is a registered trademark of ©2011 Sunkist Growers, Inc. All Rights Reserved.