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10/15/21
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A three-building creative office property totaling 14.1k sf in West Hollywood traded for $9 mil, in a transaction that works out to $638/sf. The property is located at 1111-1117 N. Formosa Ave, just off Santa Monica Blvd.
The buildings are on two separate parcels. Two of the buildings, 1111 N. Formosa (2.1k sf) and 1113 N. Formosa (6.5k sf), sit on a 6.9k sf lot. Both buildings were occupied with long term leases. The third building, 1117 Formosa, sits on 6.9k sf of land with a 5.5k sf office building that was completely vacant at the time of the sale. The new owner plans to occupy that building for their business. Minutes from Melrose Ave, with walkable access to local amenities, the buildings are in a central West Hollywood location.
Jared Swedelson with NAI Capital Commercial represented the buyer, a private investor, in the transaction. The seller, Formonica LLC, was repped by Stafford Commercial Real Estate Inc.
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