sold properties

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!
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.

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

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.”

T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $2.96 MILLION SALE OF MIXED-USE IN CULVER CITY


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January 28, 2021

WESTMAC Commercial Brokerage Company has arranged the sale of 5620-5622 Sawtelle Boulevard in Culver City for $2,960,000, or $593 per square foot.

The sale was comprised of a one-story mixed-use building approximately 4,991 square feet on approximately 9,912 square feet of land. Built in 1978, the building property features two units, excellent on-site parking, and is a combination of medical and retail. The building was fully leased at the time of sale to a Menchie’s Frozen Yogurt franchisee and a dental office.

5620-5622 Sawtelle Boulevard is located on the corner of Sawtelle Boulevard and Hannum Avenue, just east of major thoroughfare Sepulveda Boulevard, in the Los Angeles City of Culver City. It is across from Studio Village Shopping Center, a 223,608 square foot retail community center featuring national and regional retail tenants. The property offers easy access to the San Diego (I-405) and Marina (SR-90) freeways and the Los Angeles neighborhoods of Mar Vista, Palms, Westchester, Venice, and Playa Vista.

 “We received multiple offers,” said T.C. Macker, “Ultimately it sold to the existing tenant who had right of first refusal,” he added.

T.C. Macker, CCIM, Chris Holland, and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller.  Sep Melamed of Prime Properties represented the Buyer.

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.

T.C. Macker PR releases

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


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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


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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

Sold! +/- 2,380 SF Vacant Building in Venice, CA


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Sold

2426 Lincoln Blvd, Venice, CA

Price:  $1,300,000 ($546/SF)

Bldg. Size: ± 2,380 SF

Land Size:  ± 3,045 SF

Closing Date: 12/22/2020

Buyer: Deer Creek, LLC (represented by Jake Zacuto – Zacuto Group Inc.)

Seller: Carmen Haro Trust (represented by T.C. Macker and Brian Hart – WESTMAC Commercial Brokerage Company)

Sale Notes:

–              Deferred maintenance

–              Property was purchased as an investment

–              Property was vacant at the time of sale