WESTMAC Commercial Brokerage Company has arranged the sale of 8756 Holloway Drive in West Hollywood, California for $4,495,000.
The sale was comprised of a three-level boutique office building totaling approximately 3,000 square feet situated on approximately 1,313 square feet of land. The property is located mid-block just south of Sunset Boulevard, an infamous hub for retail, nightclubs, and iconic entertainment venues that make up the World-Famous Sunset Strip.
The new owner plans to use the building for her business. The property was delivered vacant at the close of escrow.
“Although the building garnered multiple offers, we are thrilled that we were able to achieve $1,498 per square foot in West Hollywood despite a global pandemic,” said T.C. Macker, CCIM.
T.C. Macker, CCIM, William B. Althouse, and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. Jason Froehlich of Douglas Elliman Commercial represented the Buyer. This is the second sale of 8756 Holloway Drive for the team at WESTMAC Commercial Brokerage Company.
13418 Palm Drive is a single-story approximately 1,935 square foot building on approximately 10,454 square feet of land. The property is located between Hacienda Avenue and Ironwood Drive along main thoroughfare Palm Drive. It is leased to a Jiffy Lube franchisee with five years remaining on an absolute net lease.
Founded in 1971 and headquartered in Houston, Jiffy Lube is a leading provider of automotive preventive maintenance with over 2,000 locations throughout forty-nine states. The current tenant has been at the location approximately seventeen years with multiple options to extend remaining.
The buyer recently sold their commercial real estate in Venice and was in a 1031 tax deferred exchange. WESTMAC Commercial Brokerage Company was the listing broker on the downleg.
“The buyer wanted to exchange into an investment with little to no management responsibilities,” said Brian Hart. “The strong recession-proof nature of the automotive sector, absolute net lease, and built-in annual increases really appealed to the buyer,” he added.
Brian Hart and T.C. Macker, CCIM of WESTMAC Commercial Brokerage Company represented the Buyer. Jack Whalen of Kidder Mathews represented the Seller.
WESTMAC Commercial Brokerage Company has arranged the sale of 400 W. Rosecrans Avenue in Gardena, CA for $5,850,000.
The Property was being sold by Partners Capital, Inc., a privately-owned real estate firm that co-invests with institutions, high net worth individuals, family offices and trusts in value-add real estate. Partners Capital, Inc. and its subsidiaries currently control a real estate portfolio of over one million square feet in California, Nevada, and Arizona. The Buyer was an investor who purchased the property at a 4.8% cap rate.
Located within unincorporated Los Angeles County, 400 W. Rosecrans Avenue is comprised of a 24,698 square foot single-tenant industrially zoned commercial building situated on 43,996 square feet. It is leased to the Los Angeles Homeless Services Authority, a supportive housing service arm for the County of Los Angeles, on a triple net basis with over five years remaining on the term.
T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. Mark Schuessler of Newmark represented the Buyer.
10 Huntington Lane is a single-tenant approximately 5,905 square foot building on approximately 63,598 square feet of land. It is currently leased to a BMO Harris Bank branch. The sale was for the absolute net ground lease with five years remaining on the term.
The property is located in Wheeling, Illinois, a northwest suburb of Chicago approximately twenty miles from Downtown and twenty minutes from O’Hare International Airport. The property features over fifty parking spaces and five drive-through lanes.
“We’ve worked with buyers and sellers nationwide, and it’s usually that they want to sell locally and 1031-exchange into a triple net out-of-state,” said T.C. Macker. “In this case, the seller was local to us in California and wanted to sell her triple net asset in Illinois.”
The seller was a private seller. The buyer was an investment company.
T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. Wes Koontz of Mid America Real Esate Corporation represented the Buyer. Charles Rutenburg Realty was the Broker of Record.
Santa Monica – WESTMAC Commercial Brokerage Company has arranged the sale of 3009 Lincoln Boulevard in Santa Monica for $2,735,000, or $912 per square foot.
3009 Lincoln Boulevard is a single-tenant retail/office building comprised of approximately 3,000 square-feet on approximately 8,288 square-feet of land. The building was previously used as a dance studio and features hardwood floors, corner parking lot with thirteen parking spaces, and excellent visibility along Lincoln Boulevard. The building was vacant at the time of sale.
“That pocket of Santa Monica is popular for commerce and was a great fit for the Buyer who purchased the building as an owner-user,” said Jeff Pickett.
Jeffrey M. Pickett and T.C. Macker, CCIM of WESTMAC Commercial Brokerage Company represented the Buyer. Drew McAllister of NRE Commercial represented the Seller.
WESTMAC Commercial Brokerage Company has arranged the sale of 5620-5622 Sawtelle Boulevard in Culver City for $2,960,000, or $593 per square foot.
The sale was comprised of a one-story mixed-use building approximately 4,991 square feet on approximately 9,912 square feet of land. Built in 1978, the building property features two units, excellent on-site parking, and is a combination of medical and retail. The building was fully leased at the time of sale to a Menchie’s Frozen Yogurt franchisee and a dental office.
5620-5622 Sawtelle Boulevard is located on the corner of Sawtelle Boulevard and Hannum Avenue, just east of major thoroughfare Sepulveda Boulevard, in the Los Angeles City of Culver City. It is across from Studio Village Shopping Center, a 223,608 square foot retail community center featuring national and regional retail tenants. The property offers easy access to the San Diego (I-405) and Marina (SR-90) freeways and the Los Angeles neighborhoods of Mar Vista, Palms, Westchester, Venice, and Playa Vista.
“We received multiple offers,” said T.C. Macker, “Ultimately it sold to the existing tenant who had right of first refusal,” he added.
T.C. Macker, CCIM, Chris Holland, and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. Sep Melamed of Prime Properties represented the Buyer.
About WESTMAC Commercial Brokerage Company
WESTMAC Commercial Brokerage Company is a Los Angeles based commercial real estate brokerage firm founded in 1988 by one of L.A.’s most recognized commercial real estate brokers Timothy C. Macker. Our firm is a full-service real estate company that provides exemplary consultation, advisory and marketing services to property owners, users, developers and investors. From 2001 until 2018, the company was affiliated and a franchisee of Coldwell Banker Commercial before returning to its roots, as WESTMAC Commercial Brokerage Company.
KW Commercial Calabasas and WESTMAC Commercial Brokerage Company have arranged the sale of 1500 Palma Drive in Ventura, CA for $8,400,000, or $233 per square foot.
Built in 2005, the two-story office building is comprised of approximately 36,000 rentable building area on approximately 77,101 square feet of land. It is home to a mix of office tenants on short term leases, and Barrister Executive Suites, who run the operating agreement for the co-working portion of the building.
1500 Palma Drive has a Class A office environment consistent with the hands-on, quality and care initiated by the Sellers since purchasing the property in 2007. The building features immaculate interiors, manicured exteriors, and has undergone upgrades in recent years; solar panels were installed on the roof in 2015. The interior lobby features high ceilings and high-end finishes. The exterior facade is impeccable, and the grounds are polished and are well-maintained.
The property is ideally positioned along U.S. Highway 101, providing unbeatable signage opportunity and brand exposure to an estimated 110,000 vehicles traveling past each day. It is a short distance from an abundance of restaurants and shopping, including Ventura Riviera and Ventura Gateway shopping plazas, and the Ventura Harbor. Additionally, 1500 Palma Drive is close to numerous technologies, aerospace, communications, agricultural, and manufacturing employers that call the region home.
“Ventura is the region’s leader in the healthcare and public administration sectors with a lack of inventory of well-located office buildings available for purchase in the market,” said Lee Black. At the close of escrow, there were only two office buildings with more than 20,000 square feet of building being offered for sale on Costar within a 10-mile radius of 1500 Palma Drive. “It has ample parking, allowable medical use, and it’s next-door to a 57,000 square foot Kaiser Permanente,” said T.C. Macker. “As a medical owner-user/investor, it was a rare find and the perfect fit for new ownership, who plans to occupy a portion of the building for their expanding medical practice,” Black added.
Lee Black, Veronica Black of KW Commercial Calabasas and T.C. Macker, CCIM, Jennifer Moscoso of WESTMAC Commercial Brokerage Company co-represented the Seller.
9701 S. Santa Monica Boulevard, a multi-tenant mixed-use building in the Beverly Hills Golden Triangle, has sold for $15,000,000.
Located in the famed Golden Triangle of Beverly Hills on the northwest corner of South Santa Monica Boulevard and Roxbury Drive, 9701 S. Santa Monica Boulevard consists of a two-story mixed-use building of approximately 18,094 square feet. The building is home to a variety of office and retail tenants.
The property was sold through a court-ordered Receiver sale. The buyer was Optimus Properties, LLC, who purchased the property for $15,000,000.
“There are very few properties in Beverly Hills that come up as versatile as this, it’s a highly coveted location with vacancy that gave the buyer valuable upside,” said T.C. Macker. “Optimus Properties already own properties nearby, they saw a great opportunity and seized it.”
Stephen Algermissen of Cushman and Wakefield, and T.C. Macker, CCIM and Luke J. Palmo of WESTMAC Commercial Brokerage Company represented both the Buyer and the Seller.
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.