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12/18/17
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Rideback Ranch LLC paid $4.6 mil for a two-building office/flex property totaling 13.9k sf ($331/sf) in the heart of LA’s City West/Westlake submarket. The new owners have already begun a major renovation at the property to better meet market demand for creative entertainment and production campus properties.
Built in 1954 and located at 1670-1680 Beverly Blvd, the buildings are one and two stories respectively. The property is adjacent to a 21k sf building and 40k sf parking lot at 1660 Beverly Blvd that this owner acquired in December, 2016.
John Anthony, Chris Steck and Chris Giordano of Charles Dunn Company represented the seller, Roscoe Associates LLC. The buyer was repped by LS Capital.
“The City West/Westlake submarket is becoming a more economical alternative to the pricey and adjacent Hollywood and Downtown markets for entertainment and production companies,” said Anthony, a senior managing director out of Charles Dunn’s Downtown Los Angeles office. “As this market emerges, we are seeing an increased amount of investor interest for redevelopment opportunities and expect property values and rents to rise over the next 12 to 24 months.”
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