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12/04/18
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The Balcony at Beverwil, a fully leased, 71.2k sf shopping center in the Pico-Robertson area of West Los Angeles, sold for $50.25 mil, or about $705/sf. The property, located at the southeast corner of Pico Blvd and Beverwil Dr, is anchored by a Ralph’s grocery store and a CVS pharmacy.
The Balcony at Beverwil was built in 1996 and sits at the gateway to the popular Pico-Roberston neighborhood between Beverly Hills and Beverlywood. The fully leased, two-story center has underground parking for 262 vehicles. Ralphs occupies the entire ground floor with CVS, One West Bank and six other tenants occupying the second floor balcony space.
The buyer was Asana Partners, a retail real estate firm focused on dense, urban markets across the country. Geoff Tranchina led the JLL team handling the sale on behalf of the seller, a private partnership.
“This property’s strong credit tenant base and position in a highly sought-after trade area with limited competition created a very attractive investment opportunity for Asana Partners,” said Tranchina. “Known for investing in premier locations closely connected to their surrounding communities, Asana will enhance the overall customer experience at the property, showcasing its prominent location at the intersection of Pico Blvd and Beverwil Drive.”
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