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9/16/15
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An 8.6k sf medical office building in Culver City was recently acquired by an LA private investor for $6.5 mil, or $756/sf. The property sits on just under one-half-acre of land at 10801 Venice Blvd, a block west of Overland Ave and directly across the street the Culver Center Mall, anchored by Best Buy, Ralph’s and LA Fitness.
The property was marketed as a value-add opportunity as the desirable location makes it a good candidate for redevelopment. The buyer, who purchased the asset to diversify his holdings, plans to continue leasing it for the next few years the potential for future redevelopment down the road.
Avison Young Principal Lloyd Bakan and Senior Vice-President Gary Berwick, based in the company’s West Los Angeles office, represented the seller, also a Los Angeles-based private investor. The listing generated multiple offers.
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