CRE

Commercial Real Estate

New Listing For Sale – 6,900 SF of Multifamily Land in Brentwood – Development Opportunity


No Comments

Located between Kiowa Avenue and Goshen Avenue, 1115-1121 S. Westgate Avenue features two parcels totaling ±6,900 square feet of land in the highly desirable Brentwood neighborhood with [Q]R3-1 zoning. The lack of developable R3 and R4 zones in LA is one of the biggest roadblocks to constructing new apartments, making this an extraordinary opportunity for savvy developers looking to build multifamily housing development. The former building has been demolished and the lot currently sits vacant. The Seller has submitted plans based on by right development for a four (4) story, eight (8) unit apartment building with one (1) level of subterranean parking. Plans are pending.

The Property’s unbeatable Brentwood location is one of Los Angeles’s most desirable and sought after neighborhoods , combined with a high barriers to entry market, making this a rare development opportunity. The Property is located less than one mile from the VA Greater Los Angeles Healthcare System and has a high walk score of 86. It is also in close proximity to UCLA, Westwood, Santa Monica and The Pacific Palisades. The location provides easy access to both the 405 and 10 freeways and access to many of the best shopping, dining, and museums that Los Angeles has to offer.

Download the OM here

You can download development information and other available due diligence documents by going to www.WestgateDevelopmentOpportunity.com.

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


No Comments

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


No Comments

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

For Sale/Lease – Storefront Commercial + Workshop in Santa Monica, CA


No Comments

Looking for your new office headquarters? Look no further! Introducing to the market, 1855 Lincoln Boulevard, two-unit storefront commercial building with a workshop in the back, located in Santa Monica, CA.

1855 Lincoln Boulevard is comprised of a ± 2,500 square foot storefront commercial building plus an ± 888 square foot workshop behind the building for a total of ± 3,388 square feet of building situated on ± 7,000 square feet of land. Built in 1996, the property falls within Santa Monica’s General Commercial (GC) zone, and can accommodate a number of uses including retail, walk-in office, and small restaurants (check with City of Santa Monica for specific use). There is room to park eight (8) to ten (10) cars in the rear of the property, which is protected by a security gate. The property is nestled along the heavily traveled Lincoln Boulevard (one building north of the Pico Boulevard intersection), surrounded by an amenity rich area walking distance from its doors.

The building is made up of two (2) ± 1,250 square foot lofted storefront units. Both units are nearly identical and offer tenants and buyers open floor plan, sleek design, polished concrete flooring, 18’ ceilings with exposed ductwork plus loft, and private office. A spiral staircase leading to the loft adds a unique touch of vintage flair to each space. All units have a private bathroom, including the workshop; and are separately metered. The property is partially occupied by Seller and will be delivered vacant upon the close of escrow, or execution of lease.

1855 Lincoln Boulevard is strategically located in an excellent Santa Monica location with easy access to the 10 and 405 freeways. It is part of Santa Monica’s Pico neighborhood on a prime strip of Lincoln Boulevard with a daily traffic count of over 42,000 CPD. The property is located along the east side of Lincoln Boulevard, just north of the major signalized Pico Boulevard intersection. The area is an ideal location surrounded by walkable amenities, including Walgreen’s, Starbucks, Fatburger, Chick-fil-A, Sherwin Williams, Shell station, and many others. The property’s location offers proximity to Downtown Santa Monica, Venice, and the beach.

Download the Offering Memorandum HERE for more information.

Commercial Real Estate, CRE News

For Sale – Santa Monica – STNL – 4.96% Cap


No Comments

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

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $3.26 MILLION SALE OF ABSOLUTE NET GROUND LEASE IN WHEELING, IL


No Comments

February 26, 2021

WESTMAC Commercial Brokerage Company has arranged the sale of 10 Huntington Lane in Wheeling, Illinois for $3,260,000 at a 7.1% cap rate.

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.

Commercial Real Estate

New Listing For Sale or Lease – +/- 5,465 SF Prime West L.A. Owner-User or Investor Opportunity (Brentwood Submarket)


No Comments

WESTMAC Commercial Brokerage Company is pleased to present the opportunity to purchase or lease 11954-11960 Wilshire Boulevard, a two-unit, approximately 5,465 square foot commercial building located on approximately 5,480 square feet of land in premiere West Los Angeles. This is an ideal opportunity for a buyer or tenant looking for prime storefront retail or office space in the highly coveted Brentwood submarket of Los Angeles, CA.


Built in 1936, 11954-11960 Wilshire Boulevard features two (2) commercial units zoned [Q]C2-1L-CDO. 11954 Wilshire Boulevard is approximately 3,465 square feet of highly improved space ideal for retail, office, or showroom space. It is currently vacant. 11960 Wilshire Boulevard is approximately 2,000 square feet occupied by Sparky’s Grooming. Sparky’s has been a tenant since 2006 and is currently on a 3-year term NNN lease expiring July 31, 2023.


The property is well located along Wilshire Boulevard, where over 45,000 cars travel each day (per LA Traffic Department). This prime location benefits from the dense, high-earning demographic that resides in the area, and offers access to the highly affluent neighborhoods of Brentwood, Westwood, and Santa Monica. The property is directly across from ample amenities including: Ross Dress for Less, CVS, Jamba Juice, Rubio’s, Fatburger, and many more. The property offers easy access to the 405 freeway and is less than a 15-minute drive (3 miles) to Downtown Santa Monica.

Download Offering Memorandum here

T.C. Macker PR releases

KW COMMERCIAL AND WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGE $8.4 MILLION SALE OF OFFICE IN VENTURA, CA


No Comments

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.

This transaction closed on January 8, 2021.

Commercial Real Estate, CRE News

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


No Comments

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

Office / Retail Opportunity | Santa Monica | For Sale or Lease


No Comments

Download Offer Memorandum here for more information

WESTMAC Commercial Brokerage Company, as exclusive advisor, is pleased to present 1710 Santa Monica Boulevard for sale or lease. 1710 Santa Monica Boulevard is located at the corner of Santa Monica Boulevard and 17th Street on approximately 10,000 square feet of land, and is made up an approximately 7,000 square foot, two-story building, tailored for office and retail use. Built in 1946, 1710 Santa Monica Boulevard has gone through many renovations over the years. The most recent tenant was Enterprise Rent-a-Car, which occupied the entire building. There is on-site parking for approximately fifteen [15] cars, and an ample amount of metered parking along the street. The building is currently 100% vacant. 1710 Santa Monica Boulevard offers excellent visibility along a highly traveled street in Santa Monica and is located seventeen [17] blocks from the Santa Monica Beach & Pier. The subject property is in close proximity to a variety of amenities; including shops, restaurants, bars, boutiques, and entertainment venues. The location has plenty of accessible public transportation – from MetroLight Rail, to Bus, to scooter. Moreover, there are plenty of major employers in the immediate area. 1710 Santa Monica Boulevard is an incredible opportunity for buyers or tenants to purchase or lease a preeminent location in one of the most in-demand real estate markets in the world.

More than 7 million visitors a year come toSanta Monica, for the world famous beaches and for it’s easy accessibility to other LosAngeles area attractions. Santa MonicaBeach averages more than 300 days of sunshine a year and offers some of the best sunsets on the West Coast. Santa Monica is also known for its walk and bike-friendly streets, as well as ample bus and MetroLight Rail opportunities. Wether you come to Santa Monica to live, work, or play, it is extremely easy to get around and experience all the shops, restaurants, and attractions. Downtown Santa Monica draws thousands of visitors and residents to its streets and coastline. Located alongside the famous Pacific Coast Highway SantaMonica is home to the Santa Monica PierMonica Place Shopping Center, PalisadesPark and Santa Monica beach. With breathtaking ocean views that stretch as far as the eye can see, it undoubtably has the best sightseeing a city can offer.