just sold

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $11.5 MILLION SALE OF TWO COMMERCIAL BUILDINGS IN WEST HOLLYWOOD, CA


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CLOSED ON AUGUST 19, 2021

WESTMAC Commercial Brokerage Company has arranged the sale of 8229 and 8235 Santa Monica Boulevard in West Hollywood for $11,500,000.

The sale was comprised of two separate multi-tenant buildings home to a mix of office and retail tenants. The offering consisted of 8229 Santa Monica Boulevard, a two-story ± 3,584 square foot building on 7,789 square feet of land, and 8235 Santa Monica Boulevard, a ± 18,322 square foot building on 9,826 square feet of land. A shared parking lot with approximately forty-eight spaces is located behind the buildings.

8229 and 8235 Santa Monica Boulevard are situated between Harper and Havenhurst Avenues at the center of a broad range of retail and office amenities that make up the highly traveled, popular Santa Monica Boulevard district. The immediate area is surrounded by affluent neighborhoods, highly sought-after boutique shopping, and some of the most desirable entertainment destinations in the world.

“The Seller received multiple offers within the first week which allowed for a quick closing at an aggressive cap rate,” said T.C. Macker, CCIM. “Under market rents and short-term leases created tremendous upside opportunity for the buyer,” Chris Holland added.

The buildings were sold together to an investor by a private trust.

T.C. Macker, CCIM, Christian C. Holland, and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. Conor Halloran and Brad McCoy of Lee & Associates Los Angeles West, Inc. represented the Buyer. This is the second sale of the subject properties for the listing team at WESTMAC Commercial Brokerage Company.

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.

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $4.495 MILLION SALE OF HIGH-PROFILE OFFICE BUILDING IN WEST HOLLYWOOD, CA


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March 29, 2021

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.

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $1.16 MILLION SALE OF ABSOLUTE NET AUTOMOTIVE RETAIL IN DESERT HOT SPRINGS, CA


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WESTMAC Commercial Brokerage Company has arranged the sale of 13418 Palm Drive in Desert Hot Springs, California for $1,160,000 at a 5.9% cap rate.

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.

Commercial Real Estate, T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $5.85 MILLION SALE OF INDUSTRIAL INVESTMENT IN GARDENA, CA


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March 3, 2021

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.

T.C. Macker PR releases

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


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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, T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $2.735 MILLION SALE OF COMMERCIAL BUILDING IN SANTA MONICA


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Sold on February 19, 2021

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.

Commercial Real Estate

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $3.45 MILLION SALE OF MIXED-USE IN WEST L.A.


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February 2, 2021

Los Angeles – WESTMAC Commercial Brokerage Company has arranged the sale of 10507-10511 W. Pico Boulevard in the Rancho Park neighborhood of Los Angeles for $3,450,000, or $597 per square foot.

10507-10511 W. Pico Boulevard is a two-story ± 5,772 square foot mixed use situated on ± 4,633 square feet of land. Built in 1981 and renovated in 2019, the building consists of two ground-floor retail and a second-floor office. The property features multiple skylights and balconies, mezzanine level, rear parking lot with room for five to seven cars, 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.

Located one block West of Beverly Glen Boulevard, the property is close to ample shopping, dining, and entertainment amenities; major area employers include Google’s future Silicon Beach headquarters at the former Westside Pavilion, UCLA in Westwood, Century City, and Fox Studios.

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

The buyer was in a 1031 exchange and plans to occupy the office and lease out the ground-floor retail spaces.

T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company were the transaction representatives for this deal.

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.

Our 30+ professionals specialize in four distinct market niches: office, industrial, retail and multi-family properties. Among the primary services the firm provides are exclusive marketing of both for-sale and for-lease properties, representation of tenants seeking to lease commercial space, and consultation to real estate investors, developers and owners on the disposition or acquisition of commercial property.

Our standard is “The client’s best interest must be the guiding force behind all services.”