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10/17/14
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The Richmond Building, a two-story, 7.3k sf building in Studio City consisting of office over retail space, recently sold for $2.9 mil ($397/sf). The transaction closed at a capitalization rate of approximately 5%.
Located at 12029 Ventura Blvd, The Richmond Building is adjacent to CBS Studios and is near Universal Studios and Warner Brothers as well as other entertainment-related companies. The multi-tenant building features glass frontage, skylights and a surface parking lot in the rear.
Avison Young’s Steven Tronson, a Vice-President in the company’s North Los Angeles office, represented the buyer, Sunset Las Palmas Management Group LLC. The buyer is an investment group from Hollywood that was in the process of purchasing a 1031 Exchange up-leg property. The Piken Company repped the seller, Richman Enterprises Inc.
“The local market is tight for well-located investment opportunities in the small-commercial-building category,” noted Tronson. “The buyer plans to add value to the property through a major renovation, which should increase the rental rates as they roll over.”
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