The latest edition of our West LA Newsletter is now available.
COLDWELL BANKER COMMERCIAL WESTMAC ARRANGES $4.7 MILLION SALE OF MEDICAL-OFFICE BUILDING IN WEST LOS ANGELES, CA
Los Angeles – Coldwell Banker Commercial WESTMAC has arranged the sale of 11669 Santa Monica Boulevard in West Los Angeles for $4,700,000.
A private seller has sold the ± 7,658-square foot medical-office building for approximately $613 per square foot. Located near the corner of Santa Monica Boulevard and S. Barrington Avenue, the highly-visible property occupies ± 8,028-square feet of land. The property sold to an owner-user dermatologist group.
“We have multiple offers on the property,” T.C. Macker, CCIM said. “Ultimately we found the perfect owner-user buyer.”
T.C. Macker, CCIM of Coldwell Banker Commercial WESTMAC and Brian Hatkoff of Hatkoff Investments represented both the Buyer and Seller.
Want some tips on how to stand out in a crowded market? Click here to read my Q&A session in the latest edition of Commercial Investment Real Estate Magazine.
“I’m very niche-focused,” T.C. Macker, CCIM, says.
In the competitive Los Angeles real estate market, that focus has proven successful for Macker, president and managing director of Coldwell Banker Commercial WESTMAC. During the past 14 years, he’s earned a consistent string of awards from Coldwell Banker Commercial, and was the company’s second-highest producer in 2016.
The L.A. native started his career as a leasing agent for Grubb & Ellis and joined Coldwell Banker Commercial WESTMAC in 2002. He talked to Commercial Investment Real Estate about how to stand out in a crowded market.
CIRE: How did you get into commercial real estate sales?
Macker: I was burnt out on leasing, and when I joined WESTMAC, I was able to do a sale. Once I did that, I knew selling was what I wanted to do.
But I needed to educate myself; I don’t even think I could calculate cap rate. I took the CI 101 class, and all of the sudden, my calculator became my partner at every meeting. I took all the classes in about a year and earned my CCIM designation.
Today all I do is sales. I’m mostly selling buildings in the $1 million to $20 million range. I’m below the institutional level, although I do sell an institutional building occasionally.
My niche is really sales to high net-worth investors and small funds. I’m geographically focused; my market is West L.A. to downtown for office and retail on major streets – Sunset Boulevard, Wilshire Boulevard, and Santa Monica Boulevard.
Read the rest of the interview here: Q&A with T.C. Macker, CCIM
Coldwell Banker Commercial WESTMAC has arranged the sale of 2435 Military Avenue in West Los Angeles for $7,000,000.
A private seller has sold a ±12,336-square foot two-story creative office building located near the corner of Military Avenue and Pico Boulevard. The property sits on ±18,600-square feet of land and was formerly occupied by a reprographics company.
“The property was purchased by 1031-exchange Buyer,” said T.C. Macker, CCIM.
T.C. Macker, CCIM of Coldwell Banker Commercial WESTMAC, Michael Mikail and Joe Babajian of Rodeo Realty represented both the Seller and Buyer.
Coldwell Banker Commercial WESTMAC has arranged the off-market sale of 2822-2840 Santa Monica Boulevard in Santa Monica for $12,350,000.
A family trust has sold the ±13,752-square foot multi-tenant retail center located at the corner of Yale Street and Santa Monica Boulevard.
“The property sold for less than a 3% cap rate,” T.C. Macker, CCIM said.
T.C. Macker, CCIM and Christian C. Holland of Coldwell Banker Commercial WESTMAC represented both the Seller and Buyer.
Coldwell Banker Commercial WESTMAC has arranged the sale of 2705 Pico Boulevard in Santa Monica for $2,650,000.
An investor in a 1031 exchange has purchased the 4,130-square foot two-structure retail building from a private Trust. The property is home to a single-occupant pre-school on a long-term lease.
“The property sold for a very aggressive cap rate at approximately 2.8%.” T.C. Macker, CCIM said.
The subject property resides along Pico Boulevard, which is home to a vibrant neighborhood full of pedestrian friendly sidewalks and plenty of walkable restaurants and retailers, including Trader Joes and Whole Foods.
T.C. Macker, CCIM of Coldwell Banker Commercial WESTMAC represented the Seller. Ernie Farhat of Sanjo Investments represented the Buyer.
Los Angeles, CA – A private seller has sold a two-story West Los Angeles office building in a $2,300,000 off-market deal.
Located at 2330 Westwood Boulevard, the 4,788-square foot, multi-tenant office building was sold at $480 per square foot. Nestled along Westwood Boulevard between major thoroughfares Olympic and Pico Boulevard, the 6,480-square foot lot houses several Mom and Pop tenants.
Abundant walkable store-lined streets and an affluent residential demographic make West Los Angeles a popular retail and office submarket. “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.”
T.C. Macker, CCIM and Christian Holland of Coldwell Banker Commercial WESTMAC represented the seller. Eric Sackler of Coldwell Banker Commercial NRT represented the buyer.
Los Angeles – Coldwell Banker Commercial WESTMAC has closed on an off-market sale of 8213-8223 W. 3rd Street. The deal was between private family trusts and comprised of two joint retail buildings purchased at $9,600,000.
Built in 1988, the 7,237-square foot trophy property houses Toast Bakery Café among other retailers, and sits at the corner of S. Harper Avenue and W. 3rd Street in L.A.’s trendy Beverly Grove neighborhood. The lot totals approximately 9,780-sqaure feet, which is conveniently located ½-mile between several of the city’s popular tourist destinations – The Grove, the Original Farmers Market, and the Beverly Center in adjoining Beverly Hills.
“The seller was able to achieve a high price per square foot at $1,326.” T.C. Macker, CCIM said. “Properties are hard to come by on 3rd Street.”
T.C. Macker, CCIM of Coldwell Banker Commercial WESTMAC represented the buyer. William B. Althouse of Coldwell Banker Commercial WESTMAC represented the seller.
Second Quarter Market Reports for 2017 are now available. You can review reports for Los Angeles and Nationally in Office, Retail and Industrial markets.
View our Market Report release for 2nd Quarter 2017 here.