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.