CRE News

CRE News, T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES SALE OF TRIPLE NET LEASED RESTAURANT IN SANTA MONICA, CA


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PROPERTY CLOSED ON AUGUST 20, 2021

WESTMAC Commercial Brokerage Company has arranged the sale of 3221 Pico Boulevard in Santa Monica, California for $1,679,888.

An investor has purchased the 2,250 square foot single story restaurant building from a private Trust. The property is leased to a Vietnamese noodle bar, Viet Noodle. Cap rate was 5.6%.

“Once the mask mandate was lifted for indoor dining, the activity spiked and we garnered multiple offers shortly thereafter; and ultimately, selling to a 1031 exchange buyer,” said T.C. Macker, CCIM.

3221 Pico Boulevard is in an excellent Santa Monica location bordering West Los Angeles with easy access to the 10 and 405 freeways. The immediate area is home to a vibrant neighborhood full of pedestrian friendly sidewalks and plenty of walkable restaurants and retailers, including Trader Joes, Whole Foods 365, and The Upper West.

T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. George Gross of Coldwell Banker Commercial NRT represented the Buyer.

CRE News, T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $31.5 MILLION SALE OF PRIME BLOCK-TO-BLOCK PARCELS AT INTERSECTION OF 26TH STREET AND WILSHIRE BOULEVARD IN SANTA MONICA, CA


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Closed on July 15, 2021

Santa Monica, CA – WESTMAC Commercial Brokerage Company has arranged the sale of seven contiguous parcels along Wilshire Boulevard in Santa Monica, California for $31,500,000, or $572 per square foot of land.

Located along an iconic strip of Wilshire Boulevard between 25th Street and 26th Street on the North side of the street in Santa Monica, the sale was comprised of 2501-2525 Wilshire Boulevard, 1143, 1145, 1151 25th Street, and 1142, 1148, 1156-1158 26th Street. The entire sale totaled approximately 55,000 square feet of land (1.27 acres) and consisted of three commercial properties, in addition to four parking lots.

The commercial properties located along Wilshire Boulevard are designated Mixed Use Boulevard (MUB) zoning, while the others are designated as Low Density Residential (LDR) zoning. The property is currently occupied by a small strip center, an office building, and a mixed-use building.

 “There are very few properties in Santa Monica that come up as versatile as this, it’s a highly coveted location that hasn’t been on the market in over fifty years,” said T.C. Macker.

T.C. Macker, CCIM of WESTMAC Commercial Brokerage Company was the broker on this transaction.

26th & Wilshire has Sold!
CRE News, T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $2.975 MILLION SALE OF WILSHIRE BOULEVARD COMMERCIAL BUILDING IN BEVERLY HILLS, CA


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Closed on July 12, 2021

WESTMAC Commercial Brokerage Company has arranged the sale of 8620 Wilshire Boulevard in Beverly Hills, California for $2,975,000, or $729 per square foot. The sale was comprised of a freestanding commercial building in coveted Beverly Hills surrounded by high-end retail, five-star dining establishments, and luxury hotels.

Nestled midblock, two streets West of the heavily traveled intersection at La Cienega Boulevard and Wilshire Boulevard, 8620 Wilshire Boulevard is comprised of a single-story approximately 4,076 square foot building situated on approximately 5,056 square feet of land. Built in 1951, the building offers unique design elements with indoor and outdoor features that make the property an architectural gem. The property had previously operated as the Phillipe Chow restaurant and was vacant at the time of sale.

“We had a lot of interested parties that were attracted to the property’s unbeatable location and unmatched exposure,” said T.C. Macker, CCIM. “We received multiple offers and ultimately sold to a 1031 buyer in a reverse exchange,”

8620 Wilshire Boulevard is close to world class museums, upscale shopping and fine dining including the Los Angeles County Museum, Petersen Automotive Museum, the Farmer’s Market, Beverly Center and Restaurant Row.

T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company were the brokers on this transaction.

Commercial Real Estate, CRE News

For Sale – Santa Monica – STNL – 4.96% Cap


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WESTMAC Commercial Brokerage Company is proud to present the sale of 3221 Pico Boulevard, a highly visible single-tenant net-leased commercial restaurant located in Santa Monica, one of Los Angeles’s most exciting neighborhoods for food, culture and entertainment. 3221 Pico Boulevard is a 2,250 square foot single tenant commercial building situated on approximately 2,500 square feet. It was built in 1952 and part of Santa Monica’s Neighborhood Commercial (NC) zone.

3221 Pico Boulevard is nestled along the heavily-traveled Pico Boulevard, surrounded by an amenity rich area walking distance from its doors. It is currently leased to a restaurant tenant. The lease is triple net (NNN) providing for zero to very minimal landlord responsibilities. The monthly triple net (NNN) rent is currently $7827.70 with CPI adjustments each February 1. The triple net charges are approximately $1,036 per month. The current lease expires January 31, 2025.

The property is strategically located in an excellent Santa Monica location bordering West Los Angeles, Westwood, Brentwood, Mar Vista, Venice and Pacific Palisades are adjoining neighbors with easy access to the 10 and 405 freeways. Walkable amenities include Trader Joe’s, Whole Foods Market 365, UnUrban Coffee House, Chase Bank, Rejuice, Crossfit Reflex, The Upper West, Valentino, and many more!

Click Here to Download Offering Memorandum

Commercial Real Estate, CRE News

Sold! +/-6,622 SF of Buildings | Retail Storefront & Creative Office


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Sold!

7990-7998 Santa Monica Blvd., West Hollywood, CA 90046

Price:  $4,435,000 ($669/SF on the buildings)

Buildings: ± 6,622 SF

Land Size:  ± 9,458 SF

Closing Date:  12/23/2020

Buyer: West Hollywood RE LLC (represented by T.C. Macker, William Althouse and Jennifer Moscoso – WESTMAC Commercial Brokerage Company)

Seller: 7990 SM, LLC, and Feldberg Family Partnership (represented by T.C. Macker, William Althouse and Jennifer Moscoso – WESTMAC Commercial Brokerage Company)

Notes:

–              2 properties sold together: both vacant at closing

–              First time sale in 50 years!

–              Office and retail use

–              Buyer was in a 1031

Commercial Real Estate, CRE News

New Listing: For Sale – Santa Monica – Small Leased Investment


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3221 Pico Boulevard, a highly visible single-story commercial retail space located in one of Los Angeles’s most exciting neighborhoods for food, culture and entertainment – Santa Monica. In a market with very high demand and very few opportunities, this is a rare opportunity to own in prime Santa Monica.

The subject property is nestled along the heavily-traveled Pico Boulevard, surrounded by an amenity rich area walking distance from its doors, and encircled by a dense affluent residential population. It is currently leased to a restaurant tenant The property is near the 10 and 405 Freeways, giving travelers easy access to all parts of the City, including Santa Monica’s most famous attractions: the beach, pier, and world-class shopping & entertainment.

The property is strategically located in an excellent Santa Monica location bordering West Los Angeles. Westwood, Brentwood, Mar Vista, Venice and Pacific Palisades are adjoining neighbors, while walkable amenities include Trader Joe’s, Whole Foods Market 365, UnUrban Coffee House, Chase Bank, Rejuice, Crossfit Reflex, The Upper West, Valentino, and many more.

Download Property brochure here: 3221 Pico Blvd – OM

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Commercial Real Estate, CRE News

New Listing For Sale in West LA | Multi-Tenant Retail & Office Building


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10507 W. Pico Boulevard is a recently renovated office/retail building comprised of approximately 5,772-rentable-square feet on approximately 4,633-square feet of land located one block West of Beverly Glen Boulevard in West Los Angeles.

The property is made up of 3 units: a retail unit currently leased to an optometrist (vacating on 4/30/2020) , a vacant retail unit previously leased to a restaurant, and a recently renovated, vacant second floor office unit which features a mezzanine level. The building recently underwent major capital improvements including new skylights, new balconies, and a new roof. There is a rear parking lot with room for approximately 5-7 cars, and ample of parking along the street and surrounding neighborhoods.

Built in 1981, the property offers tenants excellent visibility along Pico Boulevard, a major Los Angeles street that runs from the Pacific Ocean in Santa Monica to Central Avenue in Downtown Los Angeles. 10507 W. Pico Boulevard is close proximity to major amenities including shopping, dining, and entertainment, in addition to accessible transportation, and major area employers that includes Google’s future Silicon Beach headquarters at the former Westside Pavilion, UCLA in Westwood, and Fox Studios.

Click here to download property brochure: 10507 W Pico Blvd (v2)

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Commercial Real Estate, CRE News

For Sale or Lease | Rare Retail Center along San Vicente Blvd (Mid-Wilshire/Miracle Mile)


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5517 San Vicente Boulevard is a highly visible shopping center made up of an approximate 3,990-square foot building on approximately 9,553-square feet of land. The property includes a parking lot, available signage, and billboards.

Existing tenants are on month-to-month leases. Two income producing billboards on property.

5517 San Vicente Boulevard is located at the signalized corner of San Vicente Boulevard and Hauser Boulevard in Mid Wilshire. Manicured homes and multifamily units make up the quiet residential neighborhood that surrounds the immediate vicinity.

5517 San Vicente Boulevard is located blocks from Wilshire Boulevard in Miracle Mile, where the Petersen Automotive Museum and Los Angeles County Museum of Art (LACMA) draw hundreds of visitors a day.

Visit property website for more info and to download property brochure here.

Commercial Real Estate, CRE News, T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES SALE OF COMMERCIAL BUILDING IN LOS ANGELES & CULVER CITY


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11452-11456 W Washington Boulevard, a multi-tenant commercial building, has sold for $2,385,000.

11452-11456 Washington Boulevard is comprised of one ± 5,248-square foot building on ± 6,500-square feet of land. The site features 50 feet of frontage along Washington Boulevard, three commercial units, one of which has a bow truss ceiling. The property, formerly occupied by artists, is located in Los Angeles and Culver City.

The front two commercial units were leased to a single tenant, art gallery, at the time of the sale, the rear unit was vacant.

“We were able to drive great interest for the property and ultimately sold at asking price to a 1031 exchange buyer” said T.C. Macker, CCIM.

T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. Dan Pickart of Industry Partners represented the Buyer.

Commercial Real Estate, CRE News

New Listing for Sale – 4047-4051 Lincoln Blvd in Marina Del Rey, CA


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One block away from the heavily trafficked intersection of Washington Boulevard and Lincoln Boulevard, 4047-4051 Lincoln Boulevard is ± 9,467 square foot single story retail/ office (& flex) building on ± 11,280 square feet of land. The property is currently subdivided into four units, one of which is occupied. The property is zoned (Q)LAC4(OX)-2D-CDO, and has eleven (11) striped parking spaces.

Additionally, the underlying land has great future development potential given the zoning and proximity to transit.

The property is just minutes away from Venice and Playa Vista. 4047-4051 Lincoln Boulevard presents an excellent opportunity for investors, developers and owner-users to own in a centralized location of Silicon Beach.

You can download the property brochure here: 4047-4051 Lincoln Blvd – OM (v2)

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