Sherman Oaks was one of the first Valley communities to experience intensive real estate development. Anticipating the development of the Los Angeles Aqueduct in 1913, Los Angeles Suburban Homes Co. purchased 47,500 acres of the southeast Valley in 1910. In 1911, a subdivision map called Tract 1000 was filed with the county. From that parcel, one of the partners in the company, Gen. Moses Hazeltine Sherman, bought 1,000 acres for himself. In 1927, Sherman subdivided the property and sold the land for $780 an acre.
Two large shopping malls are in the area with numerous smaller boutiques and plazas lining Ventura Boulevard providing residents and visitors with endless window-shopping opportunities. Many members of the financial industry, including banks and brokerage houses, are located in the area. And Sunkist Growers, one of the country's oldest and largest agricultural cooperatives, has been rooted in Sherman Oaks for almost 30 years.