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3/13/18
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A 6.3k sf, multi-tenant retail property in Westwood Village on Los Angeles’ popular westside has sold for just over $4 mil ($635/sf).
Located at 1136-1140 Westwood Blvd., the two-story building has undergone several upgrades over the years and is currently occupied by long-standing tenants, including D’Amores Pizza on the ground-floor, along with office users on the second-floor.
Alex Kozakov, Patrick Wade, and Matthew Greenberg of CBRE represented the buyer, Mory LLC, a private ownership group based out of West Los Angeles, and the seller, a private family trust. According to Wade, the listing generated seven offers in just two weeks, due in part to the property’s incredible location and the value-add potential down the line.
Westwood Village benefits from the 45,000-student population at nearby University of California, Los Angeles and hundreds of offices located on the Wilshire Corridor.
Los Angeles is at the top of the list for property purchases this year.
Commercial real estate investors across the nation are more positive going into 2018 than they were at the start of last year, with Los Angeles being the No.1 target market, according to CBRE’s latest survey, as reported on RENTV last week. The West Coast metropolis beat out New York and Dallas. Particularly value-add assets are favored this year as investors are searching for yield and asset diversification.
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