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5/07/19
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BrandView Capital Partners paid $7.15 mil for 62‐66 Windward Ave, a 7.5k sf ($957/sf) retail and creative office building in Venice. Situated just steps from the beach and the world‐renowned Venice Boardwalk, the two-story property consists of street‐level retail space below creative office space on the second level.
Originally constructed in 1922, the property features a street‐level portico with three retail units and a creative office unit on the second level. The second level space includes a spacious rooftop deck, a coveted amenity in this market.
Commercial space in this area is consistently in high demand, given Venice Beach’s longstanding appeal as an artistic district, as well as the extreme barriers to entry for new construction, strong market fundamentals, and outstanding surrounding demographics. The property’s Venice Beach location places it in one of the most vibrant commercial and residential markets in the Western U.S.
In addition to Venice’s longtime charm as a creative community and entertainment destination, the area is home to a growing base of burgeoning technology and media companies including Gem, Creators Media, Wevr, StackCommerce, Sense, Markett, Seriously Digital Entertainment, Pledgeling, System1, and many other leading technology, new media, and venture capital firms.
Bob Safai, Matt Case, and Brad Schlaak brokered the transaction on behalf of the seller, an affiliate of Optimus Properties LLC, a Southern California‐based investment, development and management firm.
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