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5/06/15
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In a recent LA-area retail investment deal, Black Equities purchased a 7.3k sf property in Los Angeles for $5.35 mil ($733/sf). The retail center, which houses well-known Floyd’s Barbershop and popular bar/restaurant The Dark Room, is located at 7300 Melrose Ave, a few blocks west of La Brea Ave along the trendy Melrose Ave shopping district.
The property was sold by Ness Holdings Inc, who acquired the asset for $3.85 mil in July 2013. During Ness Holdings’ ownership, they renegotiated the anchor tenants’ leases, as well as vacated and re-tenanted the additional spaces. The firm completed its repositioning program and sold the property in less than two years.
Steven Taylor, founder of Ness Holdings, commented, “We received nine offers within the first week. It was important to navigate and select a buyer who was going to perform. While the sale price-per-foot was high for this area, the long-term tenancy and quality of tenants warranted the sales price and offered its buyer a great cash flowing asset.”
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