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September 21, 2018
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Venice Building Trades for Over $700/sf

2/27/18

A two-story, 7.7k sf retail and creative office building in Venice, just steps from the beach and the world‐renowned Venice Boardwalk, sold for $5.5 mil, or $714/sf in an off-market transaction. The building, located at 62‐66 Windward Ave, was purchased by Windward Avenue Properties LLC, an affiliate of SoCal-based Optimus Properties LLC.

Originally constructed in 1922, the property features a street‐level portico with three retail units and a creative office unit on the second level. The second level space includes a spacious rooftop deck, a coveted amenity in this market. Commercial space in this area is consistently in high demand, given Venice Beach’s longstanding appeal as an artistic district, as well as the extreme barriers to entry for new construction, strong market fundamentals, and outstanding surrounding demographics.

The property’s Venice Beach location places it in one of the most vibrant commercial and residential markets in the Western U.S. In addition to Venice’s longtime charm as a creative community and entertainment destination, Venice is home to a growing base of burgeoning technology and media companies including Snapchat, Creators Media, Signal Sciences, StackCommerce, Pinwheel, Zefr, CargoMatic, Sensay, System1, and many other leading technology, new media, and venture capital firms.

The buyer plans on re‐positioning the property with much‐needed updates and improvements in the months ahead, according to Joseph Shabani and Kamyar Shabani, principals of Optimus Properties. Bob Safai, Matt Case, and Brad Schlaak with Madison Partners represented the seller in the transaction.

Bolstered by its proximity to some of the most affluent residential and commercial communities in Los Angeles, Venice Beach has historically been one of the most stable and high‐performing submarkets throughout the region.






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