Santa Monica – WESTMAC Commercial Brokerage Company has arranged the sale of 2425 Wilshire Boulevard in Santa Monica, California for $6,100,000.
An investor has purchased the 3,260 square foot single story restaurant building. The property is occupied by Del Taco who are on a long term NNN ground lease and features a rare drive through for Santa Monica. Cap rate was 3.48%.
“This was a generational purchase opportunity to acquire a trophy single tenant absolute NNN corporate guaranteed ground leased asset located in a premiere part of Santa Monica,” said T.C. Macker, CCIM. “It was ideal for our buyer who was in a 1031-exchange.”
2425 Wilshire Boulevard is located near several popular shopping destinations within the city of Santa Monica.
T.C. Macker, CCIM, Christian C. Holland, Woody Cook, and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Buyer. Brandon Michaels and Steven Schecter of Marcus & Millichap represented the Seller.
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.
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
11452-11456 W Washington Boulevard, a multi-tenant commercial building, has sold for $2,385,000.
11452-11456 Washington Boulevard is comprised of one ± 5,248-square foot building on ± 6,500-square feet of land. The site features 50 feet of frontage along Washington Boulevard, three commercial units, one of which has a bow truss ceiling. The property, formerly occupied by artists, is located in Los Angeles and Culver City.
The front two commercial units were leased to a single tenant, art gallery, at the time of the sale, the rear unit was vacant.
“We were able to drive great interest for the property and ultimately sold at asking price to a 1031 exchange buyer” said T.C. Macker, CCIM.
T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented the Seller. Dan Pickart of Industry Partners represented the Buyer.
12000-12008 Aviation Boulevard in Los Angeles, a commercial property near LAX, has sold for $13,400,000.
12000-12008 Aviation Boulevard is a multi-story R&D building comprised of approximately 49,632-square feet on approximately 61,420-square feet of land. The building was fully leased at the time of sale to one tenant, Trident Dental Laboratories, a manufacturer of dental products. The area is home to several leading aerospace, and research and manufacturing companies, including Boeing, Northrop Grumman, Aerospace Corporation, and Raytheon.
“Through our broad marketing process, we received multiple offers and ultimately selected the perfect buyer in a 1031-Exchange.”,” said T.C. Macker, CCIM. The buyer purchased the building as an investment. The seller will be pursuing other investment opportunities in a 1031-Exchange.
T.C. Macker, CCIM, William B. Althouse and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented both Buyer and Seller.
22221-22227 Pacific Coast Highway, a commercial property in the City of Malibu, has sold for $3,000,000.
22221-22227 Pacific Coast Highway is a mixed-use commercial property comprised of two buildings, one single-story commercial building and second two-story building totaling approximately 5,582-square feet on approximately 10,743-square feet of land. The building was fully leased at the time of sale to short term tenants.
The seller was a Trust who had owned the property since the 1960s. The building was purchased by Dartbu, LLC, a private investor.
“This was a rare Malibu commercial investment opportunity that generated multiple offers for our seller,” said T.C. Macker, CCIM.
T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented both Buyer and Seller.
1650 Euclid Street, a commercially-zoned piece of land in the highly-coveted City of Santa Monica, has sold for $17,000,000.
1650 Euclid Street is comprised of ±22,500-square feet of land, used by Seller’s to operate a towing business.
It is located on Euclid Street East of Olympic Boulevard and is a short distance from Santa Monica’s bustling tourism industry, including Santa Monica Beach, Santa Monica Pier and the Third Street Promenade. The property sold to an investor who plans to develop the site, at $755 per square foot.
1650 Euclid Street is adjacent to the headquarters of Bad Robot, the movie production studio of Star Wars director JJ Abrams.
“We are thrilled that we were able to achieve $755 per square foot of land in prime Santa Monica,” said Michael Gordon. “That pocket is high demand area for entertainment and production businesses,” added T.C. Macker, CCIM.
T.C. Macker, CCIM, Michael Gordon, and Jennifer Moscoso of WESTMAC Commercial Brokerage Company represented both Buyer and Seller.
337-339 S. Robertson Boulevard in Beverly Hills, a ±4,493-square foot freestanding commercial building on ±4,652-square feet of land, has sold for $3,126,000.
337-339 S. Robertson Boulevard is a uniquely designed building, featuring lush greenery, brilliant brick and steel exterior, and exposed brick interior. The building’s first floor is leased to two retail tenants, while the second-floor functions as creative office space.
WESTMAC Commercial Brokerage Company and AJ Morgan & Company partnered up to sell the two-story retail and office building. The buyer was an investor who plans to lease the second floor.
“This sale generated tremendous interest,” said T.C. Macker, CCIM. “We had multiple offers and were able to close in less than thirty days.”
T.C. Macker, CCIM and Jennifer Moscoso of WESTMAC Commercial Brokerage Company, and Hai-Ben David and Charles Jacob of AJ Morgan & Company represented both the Buyer and Seller.
