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8/03/16
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A freestanding, 22.4k sf storefront retail property in Los Angeles’ West Adams Heights neighborhood that was constructed back in 1924 sold for $6.6 mil, or $268 per square foot. The single-story, brick structure sits on a 31k sf land parcel with 230 feet of frontage on W. Washington Blvd.
The property, located 2128-2152 W Washington Blvd, north of I-10 and one block east of Western Ave, was 100% occupied at the time it was first listed for sale, but was delivered vacant to the buyer as a condition of the sale. The property is in a densely populated market area with over 611,000 residents living within a three miles radius. It was sold as an investment to an owner/user who plans to occupy the entire building for a senior day care center.
Parham Khoshbakhtian with NAI Capital represented the seller, Washington-Western LLC, in the transaction. According to Khoshbakhtian, they were able to obtain a purchase price that was 10% higher than the seller’s desired listing price by creating a multiple-offer bidding environment.
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