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.
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.
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.
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.
Keller Williams Realty Westside and WESTMAC Commercial Brokerage Company are pleased to present the sale of 1310 Westwood Boulevard, a ±6,681-square foot freestanding retail/office building situated on a ±6,601-sqaure foot lot located in Southern California’s popular Westwood neighborhood along highly-traveled Westwood Boulevard.
1310 Westwood Boulevard is a two (2) story commercial building located one block south of major Wilshire Boulevard between Rochester Avenue and Wellworth Avenue. The building was built in 1955, with a second floor addition added in 1968. The ground floor features an open floor plan plus one (1) private office. The second floor is composed of five (5) private offices, two (2) restrooms and a break room. The building also features one (1) elevator and a secured parking garage with room for approximately nine (9) cars parked tandem. The property is currently vacant.
The major intersection at Wilshire Boulevard and Westwood Boulevard is located one block North of the subject property. Wilshire Boulevard between Westwood Boulevard and Veteran Avenue is the future site of a Metro’s Purple Line Subway Station. The construction of the Purple Line designates 1310 Westwood Boulevard as a TOC Tier 3 zoned parcel, giving developers potential to build a mixed-use building of 30-units residential over 1,500-SF to 3,000 SF of retail.
The property’s location in the heart of Westwood offers close proximity to one of the country’s most influential and successful universities, UCLA. It is also walking distance to Westwood Village, a popular shopping, dining and nightlife locale for UCLA students, tourists, and locals.
1310 Westwood is an ideal opportunity for buyers looking to purchase retail, office or developable property in Los Angeles’ affluent and highly coveted Westwood submarket.
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.
12000-12008 Aviation Boulevard in Los Angeles, a commercial property near LAX, has sold for $13,400,000.
12000-12008 Aviation Boulevard is a multi-story R&D building comprised of approximately 49,632-square feet on approximately 61,420-square feet of land. The building was fully leased at the time of sale to one tenant, Trident Dental Laboratories, a manufacturer of dental products. The area is home to several leading aerospace, and research and manufacturing companies, including Boeing, Northrop Grumman, Aerospace Corporation, and Raytheon.
“Through our broad marketing process, we received multiple offers and ultimately selected the perfect buyer in a 1031-Exchange.”,” said T.C. Macker, CCIM. The buyer purchased the building as an investment. The seller will be pursuing other investment opportunities in a 1031-Exchange.
T.C. Macker, CCIM, William B. Althouse and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented both Buyer and Seller.