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11/28/18
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A 4.2k sf retail property Los Angeles’ Westlake District, less than half a mile from downtown Los Angeles, sold for $3 mil ($714/sf). The asset, located at 1216 W. 7th St, was sold by Sislin Family Trust.
The property is within walking distance of the brand new Wilshire Grand Center (the tallest building west of the Mississippi) and the 7th Street Metro Center, and is just one block from the newly renovated Mayfair Hotel and Teragram Ballroom. Additional key developments in the area include construction of a 30-story tower across the street, with newly completed projects including 742 Hartford and 1331 W 7th Street.
The new owner’s plan is to hold the site for its long-term development potential, especially as the neighborhood continues to evolve. The lot is zoned for high-density residential.
Jeremy Shore with Maher Commercial Realty represented the buyer, 1234 W Seventh Street LLC. Yan Tkatch of Global Commercial Real Estate repped the seller in the transaction.
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