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7/28/15
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In a recent LA retail buy, an investor paid $3.175 mil for a 6.8k sf ($467/sf) retail property located on three lots at 6001 to 6011 W. Pico Blvd, on the east side of Crescent Heights Blvd, in Los Angeles. Situated at a prime location near the 10 Fwy, the buyer has plans for a new multifamily development.
The property’s two existing retail tenants are on short-term leases. Construction on the new development is anticipated to begin within 12 months with completion 36 months after that.
Michel Hibbert of Charles Dunn Company represented buyer, Carthay Pacific LLC, from Los Angeles. The seller, 6001-6011 W. Pico Boulevard LLC, also from LA, was repped by David Aschkenasy of Commercial Asset Group.
“With rental units in demand throughout Los Angeles, the buyer plans to redevelop the asset, which sits on 15.5k sf of land, into a 42-plus unit apartment property,” said Hibbert. “This up-and-coming Pico Boulevard/Crescent Heights neighborhood is an excellent submarket for new development because of the lack of luxury housing options.”
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