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LOS ANGELES COUNTY NEWS
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Retail Asset in L.A.’s Silver Lake Area Fetches almost $1,300/sf

1/27/17

The Silver Lake Collection, 10.5k sf of urban street-front in L.A.’s Silver Lake area, was acquired for $13.3 mil ($1,267/sf) by a subsidiary of Strategic Realty Trust Inc, a San Mateo-based real estate investment trust. Situated in the “Sunset Junction” area, the property is 100% leased to three contemporary restaurant and beverage tenants.

Originally built in 1934 and 1940, the building was remodeled in 2016 with a total tenant and landlord cost exceeding $2.55 mil.The property consists of two parcels on a 0.36-acre site along Sunset Blvd, which is one of the trade area’s primary arterials.

CBRE retail investment experts Phillip D. Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Matt Burson, Jimmy Slusher and John Read represented the seller, 9 Mile Investments, a Los Angeles-based real estate development company. The buyer, who was also repped by CBRE’s NRP-West, acquired the Silver Lake Collection as an addition to its portfolio of urban, street retail properties.

According to Voorhees, the CBRE distributed more than 464 offering memoranda to investors and brokers, and generated nine offers to purchase the property. "Conventional, street-front retail projects like The Silver Lake Collection have long been a favorite for our team. The property’s high-performing restaurants not only anchor the project but the neighborhood, making the property an integral part of the community," said Voorhees.

"Silver Lake emerged as among the hottest neighborhoods in LA over the past two to three years, and rental rates have followed,” Voorhees noted. “By all indications, popular restaurants Sawyer, Kettle Black and El Condor thrive at this property. CBRE expects The Silver Lake Collections’ high-water $1,300 per-square-foot sale price will feel like a value for this sort of one-of-a-kind asset and location in Silver Lake over the next several years."






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