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4/27/15
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Ness Holdings Inc recently picked up two properties on LA’s Westside -- a single-tenant restaurant on Abbot Kinney Blvd in Venice, and a 36-unit apartment building in a high growth area of central Hollywood. The acquisitions had a combined price tag of $14.9 mil.
The single-tenant site, located at 1637 Abbot Kinney Blvd, currently houses Wabi Sabi Sushi restaurant. It was purchased for $7.4 mil.
The property is one of the few restaurants that has a very favorable CUP license as well as a Type 47 liquor license, a huge incentive and source of revenue for future owners. Ness plans to reposition the property and bring in a new high-end restaurant or convert it into a high fashion retail store.
In the other deal, Ness paid $7.49 mil all-cash for a 36-unit apartment building located at 5535 Carlton Way. Situated in the bustling area of central Hollywood, the complex has a desirable unit mix with spacious floor plans and offers parking for all tenants. Ness Holdings acquired the property through an off-market relationship, and the two-day due diligence period required them to move quickly.
According to Daniel Mense, Director of Ness Holdings, stated, the property offers tremendous upside, given the fundamentals of this rental market. The company plans to implement a full rehab program and modernize the building and all units to offer a Class A product.
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