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4/13/16
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A single-tenant property occupied by Wells Fargo Bank in West Los Angeles traded hands in a recent $11 mil transaction. The 11.9k sf ($924/sf) property, located at 10781-10789 West Pico Blvd and 2380 Glendon Ave, was purchased by Harbor Group International LLC.
The property was 100 percent leased to Wells Fargo at the time of sale. It offers steady, in-place income with potential for future redevelopment into a mixed-use, retail, or creative office project.
The building is walking distance from the new Westwood/Rancho Park Metro Rail station and sits amidst an affluent population center with nearly 31,000 daytime employees and an average household income of more than $111,000 within a one mile radius.
CBRE Capital Markets experts Dan Riley and Austin Wolitarsky, along with Pat Hurst of Hurst / Harrigan Associates, represented the seller, LDW Pico Properties LLC, a family-owned real estate investment firm based in Los Angeles. The buyer, Harbor Group, is a Norfolk, VA-based real estate investor with substantial real estate holdings across the United States in excess of $4.2 bil in value.
The marketing campaign generated strong interest from local and international investors drawn to Southern California real estate and more so to a strong credit-tenant investment property located in the affluent “Westside” region of Los Angeles, according to CBRE’s Dan Riley. The future re-development potential of the site, which sits directly across from the Nordstrom-anchored Westside Pavilion mall, also added to the attractiveness of the deal, he said.
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