sold properties

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

Commercial Real Estate

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES SALE OF $4 MILLION SANTA MONICA APARTMENT COMPLEX


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WESTMAC Commercial Brokerage Company has arranged the sale of 2823 2nd Street, a 12-unit apartment complex in Santa Monica, for $4,000,000.

2823 2nd Street is situated on ± 13,063 square feet of land at the northeast corner of Ashland Avenue and 2nd Street in the Ocean Park neighborhood of Santa Monica.  The 12-unit apartment complex features approximately 7,407 square feet of improvements comprised of eleven 1-bed, 1-bath units, and one studio apartment.

This was an estate sale. The buyer, Vectra Management Group, purchased the property as part of a 1031-exchange.

“Vectra has an excellent track record and showed interest right away,” said T.C. Macker, CCIM. “It’s a great addition to their growing portfolio.”

T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company arranged the transaction.

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.”

Commercial Real Estate

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES $8.8 MILLION SALE OF CONSERV FUEL AND REAL PROPERTY IN BRENTWOOD


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July 8, 2020

Los Angeles – WESTMAC Commercial Brokerage Company has arranged the sale of 11699 San Vicente Boulevard, a gas station located in the upscale Brentwood neighborhood of Los Angeles. The sale included the service station business along with the real estate and sold for $8,815,000.

11699 San Vicente Boulevard, currently operating as the Conserv Fuel service station, is located on a triangular lot at the northeast corner of San Vicente Boulevard, Barrington Avenue and Gorham Avenue. The property is situated on approximately 7,098 square feet of land and is comprised of two canopies over twelve fuel hoses plus a 99 square foot combination payment booth and limited item C-Store.

“We were fortunate enough to go into escrow quickly,” said T.C. Macker, CCIM. “The station does extremely well. Top that off with a highly desirable, rarely-traded Brentwood location, and you’ve got a recipe for success.”

The seller was the owner and operator of the service station. The buyer is a gas station operator who purchased the property as part of a 1031-exchange.

T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company, and Timothy K. Haves of Petroleum Realty Group represented buyer and seller.

Sold: 11699 San Vicente Blvd., Los Angeles, CA 90049 (Conserv Fuel)

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 interes

Commercial Real Estate, T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES A $15 MILLION TRANSACTION IN BEVERLY HILLS GOLDEN TRIANGLE


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9701 S. Santa Monica Boulevard, a multi-tenant mixed-use building in the Beverly Hills Golden Triangle, has sold for $15,000,000.

Located in the famed Golden Triangle of Beverly Hills on the northwest corner of South Santa Monica Boulevard and Roxbury Drive, 9701 S. Santa Monica Boulevard consists of a two-story mixed-use building of approximately 18,094 square feet. The building is home to a variety of office and retail tenants.

The property was sold through a court-ordered Receiver sale. The buyer was Optimus Properties, LLC, who purchased the property for $15,000,000.

“There are very few properties in Beverly Hills that come up as versatile as this, it’s a highly coveted location with vacancy that gave the buyer valuable upside,” said T.C. Macker.  “Optimus Properties already own properties nearby, they saw a great opportunity and seized it.”

Stephen Algermissen of Cushman and Wakefield, and T.C. Macker, CCIM and Luke J. Palmo of WESTMAC Commercial Brokerage Company represented both the Buyer and the Seller.

Commercial Real Estate, T.C. Macker PR releases

WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGES SALE OF $12.175 MILLION REDEVELOPMENT PROPERTY IN SANTA MONICA


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700-716 Colorado Avenue, a redevelopment opportunity in the highly-coveted City of Santa Monica, has sold for $12,175,000.

700-716 Colorado Avenue is comprised of ±20,139-square feet of land with two buildings totaling ±20,348-square feet.

The property is located at the intersection of Colorado Avenue and 7th Street, walking distance to the Metro’s Expo Light Rail Station and Santa Monica’s Third Street Promenade.

“The close proximity to the Metro line and to Downtown Santa Monica makes this area ripe for continued growth,” said T.C. Macker.

T.C. Macker, CCIM and Christian C. Holland of WESTMAC Commercial Brokerage Company represented the Buyer. Jeffrey Nason of Nason Realty & Investment Company, Inc. represented the Seller.