Author: T.C. Macker

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WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $40 MILLION SALE OF COMMERCIAL PROPERTY IN SANTA MONICA

February 16, 2023By T.C. Macker 1 Comment

SANTA MONICA, CA – February 1, 2023

1723 Cloverfield Blvd, Santa Monica, CA 90404 has been sold for a record-breaking price of $40,000,000. The ±25,600 SF building and ±59,159 SF land were sold to a developer by 1723 Cloverfield Partners, LLC, and the closing date was on February 1, 2023. The escrow process was handled by the Chicago Title Company and was a seamless process thanks to the efforts of Terri Gervasi, Jennifer Le Chen, Javier Jefferson, Denzel Casanova, Frank Cruz, John Balassi, and their respective teams.

The seller was represented by a team of experienced brokers from WESTMAC Commercial Brokerage Company and Beitler Commercial, including T.C. Macker, Jennifer Moscoso, Colin Fields, and Willa McNamara-Fields. The buyer, 1723 Cloverfield, LLC, was equally represented by a team of seasoned professionals.

This sale marks a significant milestone in the Santa Monica real estate market, and the high-demand location, along with the large size of the building and land, made this a highly desirable property. 1723 Cloverfield Blvd has tremendous potential for future development, and the buyer has big plans for the property.

“We are thrilled to have been a part of this successful sale and to have represented the seller in this transaction,” said T.C. Macker, a broker at WESTMAC Commercial Brokerage Company. “1723 Cloverfield Blvd is a fantastic property with endless possibilities, and we know the buyer will make great use of it.”

This sale is a testament to the strength of the Santa Monica real estate market and the expertise of the brokers involved. 1723 Cloverfield Blvd will be a valuable addition to the buyer’s portfolio, and we are excited to see what the future holds for this property.

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For Sale – Single Tenant NNN Leased Investment Opportunity in Santa Monica, CA – 6.9% Cap Rate

January 27, 2023January 26, 2023By T.C. Macker No Comments

WESTMAC Commercial Brokerage Company is pleased to present the opportunity to acquire 1415 Wilshire Boulevard in Santa Monica, California, a single tenant triple net (NNN) leased retail property located along highly trafficked Wilshire Boulevard, just east of 14th Street. The Property is approximately one (1) mile from Downtown Santa Monica and twenty (20) minutes from Los Angeles International Airport.

Built in 1930, 1415 Wilshire Boulevard is approximately 4,878 square feet of storefront retail building situated on approximately 5,000 square feet of land. The Property falls under Santa Monica’s MUB (Mixed Use Boulevard) zoning within the highly affluent and densely populated Wilshire-Montana neighborhood, where median household income is estimated at $110,000 within a one-mile radius, and average home valued over $1 million.

1415 Wilshire Boulevard is currently leased to a single-tenant, Gloveworx, a premiere training gym and boxing studio, on a triple-net basis. There are 6.5 years remaining on the lease and 3% annual increases. The Initial Term of the Tenant’s lease is set to expire on July 31, 2029, plus one (1) additional five (5) year option to extend.

1415 Wilshire Boulevard is walking distance to an abundance of retailers, including Vons, Rite Aid, Bank of America, Santa Monica UCLA hospital, and many more. It is a 14-minute walk (0.6 mi.) from the Metro E Line (Expo) at the 17th Street / SMC Station stop and features a Walk Score of 92 (Walker’s Paradise).

This is an excellent opportunity for buyers looking for an up-leg property on their 1031-exchange with low to minimal management responsibility.

Download Offering Memorandum Here

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For Sale – Jewel Box Multi-Tenant Creative Office Building – Investment – 7.01% Cap – Brentwood/Westwood

January 26, 2023January 26, 2023By T.C. Macker No Comments

WESTMAC Commercial Brokerage company is pleased to present this investment opportunity to acquire a jewel box multi-tenant officer building minutes from UCLA. 520 S. Sepulveda Boulevard is a 23,975 SF (gross per BOMA) office building with a net rentable of 19,812 SF situated on 8,821 SF of land in the Brentwood/Westwood submarket of Los Angeles.

The four-story office building is currently leased to multiple tenants providing an opportunity for investors to collect on-going income. Additionally, the Property offers an ideal creative/office work environment that can accommodate multi or single tenant.

The Property is currently 97.1% leased. There is a parking garage on the ground floor with 22 parking spaces, including two tandem and two ADA spaces, and a lower level with 23 parking spaces (reserved only).

520 Sepulveda offers open courtyard, plentiful parking, and opportunity to boost stream of income through a plug and play cell tower platform, and freeway visible signage.

The Property benefits from prime Westside location surrounded by the highly affluent communities of Bel Air, Brentwood, Westwood, Santa Monica, and Beverly Hills.

Download Offering Memorandum Here

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For Sale or Lease – High Identity Multi-Tenant Office Minutes from LAX and LMU

January 26, 2023By T.C. Macker No Comments

WESTMAC Commercial Brokerage Company is proud to present the opportunity to purchase or lease 7151 W. Manchester Avenue, a highly visible two-story office building located on the three (3) parcels of land in the affluent community of Westchester, minutes from Los Angeles International Airport and Loyola Marymount University.

Built in 1966, and renovated in the mid-2000’s, 7151 W. Manchester Avenue features ± 11,711 square feet of building comprised of two above grade levels (± 8,002 square feet) plus an improved basement level (± 3,709 square feet). The building is situated on a rectangular shaped corner site consisting of three (3), [Q] C2-1-CDO, commercially zoned parcels, or ± 17,981 square feet of land. The site includes a parking lot with 44 parking spaces (22 single spaces & 9 tandem spaces).

The ground floor and portions of the basement are leased to a Chase bank branch and Verizon Wireless in support of a cellular roof antenna. The ± 4,293 square foot second floor is currently vacant. The property is nestled at the northeast corner of Manchester Avenue and Fordham Road, facing the heavily traveled signalized intersection of Lincoln Boulevard with a daily traffic count of over 39,000 CPD. The area is an ideal location surrounded by walkable amenities, including Bristol Farms, LA Fitness, Ralph’s Bank of America, Bowlero, Otis College, Westchester Municipal Center, and much more.

The property’s location is part of Southern California’s Silicon Beach. This region has attracted tech companies ranging from startups to established tech giants, recognizable names like Google and Facebook are neighbors with buzzy startups.

Download Offering Memorandum Here

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For Sale or Lease – Two Adjacent Turnkey Creative Offices in Venice, CA

January 26, 2023By T.C. Macker No Comments

WESTMAC Commercial Brokerage Company and StrongHouse Realty Advisors are pleased to present 523 Venezia Avenue and 2111 Narcissus Court (the “Properties”), two (2) adjacent creative office properties being offered for sale or lease in Venice, California.

Located steps from Abbot Kinney, widely known as “America’s Coolest Street”, the Properties offer access to some of L.A.’s trendiest neighborhoods, restaurants, bars, coffee shops and retailers. Venice is part of “Silicon Beach”, Southern California’s mecca for top technology, entertainment and digital media companies, including Hulu, Google, Snap Inc, and many more. This is an excellent opportunity for those looking to stake a claim in L.A.’s hottest tech scene.

This is a rare opportunity for owner-users or tenants looking for a campus compound or (1-2) turnkey creative office properties comprising 11,773 SF of buildings on 14,288 SF of land in a premiere Southern California coastal setting and global tourist destination.

Download Offering Memorandum Here

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For Sale – 11,603 SF Prime Corner Site Adjacent Iconic Venice Sign in Venice Beach, CA

January 26, 2023By T.C. Macker No Comments

WESTMAC Commercial Brokerage Company is pleased to present the exceptional opportunity to acquire 100% fee simple interest in 100 Venice Way, ± 1,118 SF of improvements on ± 11,603 square feet of land with billboard in Venice, California.

Situated just one-block from the world-renowned Venice Boardwalk and the historical Venice sign, the property offers potential to build between 9 and 14 multifamily residential units. This is an excellent opportunity to own prime commercial real estate in one of Southern California’s most visited locales, and one of the most vibrant commercial and residential markets in the country.

100 Venice Way has a Walk Score of 94 (Walker’s Paradise) and is walking distance to dozens of restaurants, shops, and services, including Hotel Erwin, Great White, Eggslut, Venice Market, Tocaya Modern Mexican, and many others. Less than a block from the Site, along Windward, are trendy neighborhood hot spots: Gjusta Grocer, Winston House, Gran Blanco, and Belles Beach House.

Download Offering Memorandum Here

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $6.3 MILLION SALE OF OFFICE IN WEST LOS ANGELES, CA

January 26, 2023By T.C. Macker No Comments

WESTMAC Commercial Brokerage Company has arranged the sale of 2930 Westwood Boulevard in West Los Angeles for $6,300,000, or $897 per square foot.

2390 Westwood Boulevard is a two-story office building approximately 7,020 square feet situated on approximately 11,433 square feet of land, north of National Boulevard along Westwood Boulevard, in West Los Angeles, CA. Built in 1969, the building features exposed ductwork, polished concrete flooring, brick walls, and eight office suites. The second floor is clear span, offering the Buyer flexibility to maintain or re-imagine a new office space. There is a rear parking lot that has twenty-four parking stalls, or twenty-five stalls with two (2) tandems. A parking ratio of approximately 3.5:1000 is rare for a small West L.A. office building.

“The Seller received multiple offers and accepted an offer over asking,” said T.C. Macker, CCIM. “That’s rare for an office building given the current economic climate,” he added.

The Property sold to a private law firm who plans to occupy the building and closed on December 12, 2022.

George Gleason of LA Realty Partners, T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. Greg Eckhardt of Par Commercial represented the Buyer.

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $3.15 MILLION SALE OF COMMERCIAL PROPERTY IN WEST L.A.

January 26, 2023By T.C. Macker No Comments

WESTMAC Commercial Brokerage Company has arranged the sale of 11821 W. Pico Boulevard in West Los Angeles for $3,150,000, or $700 per square foot.

11821 W. Pico Boulevard is approximately 4,500 square feet of retail/office/flex situated on approximately 5,500 square feet of land. Built in 1956, the building consists of a single-story and offers one ground-level loading door, rooftop income-producing billboard, up to six parking spaces, and excellent visibility along Pico Boulevard, a major Los Angeles thoroughfare that runs from the Pacific Ocean to Downtown Los Angeles.

The building was 100% vacant at the time of sale.

“West Los Angeles is a highly desirable area for commerce,” said Brian R. Hart. “A great fit for the buyer who purchased the building as an owner-user.”

Brian R. Hart and T.C. Macker, CCIM of WESTMAC Commercial Brokerage Company represented the Seller. Adam Zarnegin of Scale Partners RE represented the Buyer.

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $3.7 MILLION SALE OF VET HOSPITAL IN SANTA MONICA, CA

October 18, 2022By T.C. Macker No Comments

WESTMAC Commercial Brokerage Company arranged the sale of 1708 17th Street, 1624 Olympic Blvd, and 1620 Olympic Blvd, in Santa Monica CA for $3,700,000 or $1,251 per square foot on October 12, 2022.

The Property is comprised of three (3) structures totaling ± 2,957 of buildings on ± 7,495 SF of land and was owned and operated by the Jones Animal Hospital, a veterinarian and pet hospital and has served the West Los Angeles and Santa Monica area since 1981. The land was made up of 3 parcels and gives way to unmatched visibility and excellent access to transit, including the 10 Freeway, Metro’s 17th Street / SMC (Santa Monica College) expo line station, and Pacific Coast Highway.

The Property sold to an owner-user who plans to continue to operate the site as a veterinarian business.

“The Sellers wished to sell to another DVM and we were thrilled to find a buyer who can continue the legacy Dr. Kenneth Jones started,” said T.C. Macker, CCIM.

The Property is part of California’s booming tech and media industries known as Silicon Beach, where established companies like Google, Facebook Activision, Snap Inc., and many others have key offices. The property is also surrounded by a high volume of entertainment companies and media studios.

T.C. Macker and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. Amjed Manasrah of Global Realty Capital, Inc represented the Buyer.

1708 17th St., 1620 & 1624 Olympic Blvd., Santa Monica, CA 90404

T.C. Macker PR releases

New Listing For Sale – Investor or Developer Opportunity – Three contiguous parcels of land located in West L.A.’s Palms neighborhood

October 6, 2022October 6, 2022By T.C. Macker No Comments

3424, 3428, and 3440 Motor Avenue are three (3) contiguous parcels comprising +/-36,864 square feet of developable land with +/-23,570 square feet of leased existing improvements for sale in Los Angeles’ Palms neighborhood.

Located within Los Angeles’ MU(EC) zone, the site offers in-place income that combine for a projected +/-$675,000 in annual net operating income (+/-$653,000 NOI for 2021). Investors can leverage the existing net cash flow while creating value through entitlement and development of the allowable development options under the Exposition Corridor Neighborhood Transit Plan. All leases include 3% annual increases and expire on December 31, 2023.

This is a rare opportunity to purchase a large transit-oriented, residential mixed-use development opportunity on Los Angeles’ Westside submarket. The location benefits from immediate proximity to the 10 and 405 Freeways, Palms Metro Expo Line Station, as well as proximity to major employers in the surrounding major tech, entertainment and media industries including Sony Pictures Entertainment, Amazon Studios, Apple, Fox Studios, and many more.

Download The Brochure Here

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