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5/15/17
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A 20.8k sf industrial building in Los Angeles sold for $7.78 mil, or $374/sf. The property, located at 1660 Beverly Blvd, east of Alvarado St, includes a 30.6k sf surface parking lot.
Built in 1949, the property is located minutes from downtown Los Angeles and Hollywood. It features high ceilings and a mezzanine. The buyer, Los Angeles-based Rideback Ranch LLC, intends to convert the property to a production campus for its company.
John Anthony, Chris Giordano, Chris Steck of Charles Dunn Company represented the seller, Bev-Union LLC. LS Capital repped the buyer.
"Entertainment companies are continually reacting to the high prices in real estate markets like Hollywood and Downtown Los Angeles due to high demand and redevelopment," said Anthony. "Companies like Rideback Ranch LLC are now looking to neighboring submarkets like City West and Westlake where reasonably priced leasing and owner/user opportunities exist."
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