The 5 Most Expensive CRE Properties in LA County – May 2015
Do you have millions of dollars saved up? Are you looking to invest in commercial real estate properties currently for sale in LA County? If you answered yes to both of these questions, then you might want to consider the following list of properties. This list was compiled from information provided by CoStar, and includes the most expensive industrial, retail and office categories listed for sale in May 2015. Properties on this list are still for sale as of May 29, 2015 and information is current as of this date.
5. VERNON: Building 2
2423 E. 23rd St., Vernon, CA 90058
Listing Broker: JLL
Total space: 72,000 sq. ft.
Price per square foot: $217.82
Year completed: 2005
Starting off our list of the most expensive properties listed in May is this industrial building in Vernon. Although it is listed as an industrial asset, it would most likely be considered a flex property – given that it has a two-story office. Building 2 is in a state enterprise zone, which makes it a great area to conduct business because of tax credits and other benefits received.
4. SANTA MONICA: Harman Plaza
900 Wilshire Blvd., Santa Monica, CA 90401
Listing Broker: RE/MAX Commercial & Investment Realty
Total space: 33,455 sq. ft.
Price per square foot: $523.09
Year completed: 1997
This Santa Monica building is unusual in that it contains medical & traditional offices, as well as some residential units. It is a fairly new building, being built in 1997, and has 111 underground parking spaces. Harman Plaza is nearby local hospitals such as UCLA and St. John’s.
3. VERNON: Industrial Building
3305 E. Vernon Ave., Vernon, CA 90058
Listing Broker: Collier’s International
Total space: 103,603 sq. ft.
Price per square foot: $172.86
Year completed: 1980
This cooling/refrigeration facility is the second property in Vernon that made the list. It features a cooler/freezer and 7 loading docks. According to the listing notes, it is currently vacant, which makes for an excellent owner/user opportunity.
2. MACARTHUR PARK: Wi Spa
2700 Wilshire Blvd., Los Angeles, CA 90057
Listing Broker: Marcus & Millichap
Total space: 43,500 sq. ft.
Price per square foot: $547.13
Year renovated: 2009
Category: Retail (Health Club)
The building that houses the 40,000+ square foot spa is on the border of Koreatown and MacArthur Park in Los Angeles. The property gets great visibility, due to its location at a signalized intersection. According to CoStar, it has fantastic redevelopment potential given its special zoning regulations.
1. ROWLAND HEIGHTS: Puente Hills East
17603-17799 Colima Rd., Rowland Heights, CA 91748
Listing Broker: DTZ
Total space: 195,063 sq. ft.
Price per square foot: $187.12
Year completed: 2004
Category: Retail (Community Center)
Adjacent to the massive Puente Hills shopping mall, the Puente Hills East center complements the area’s other offerings with national chains such as Target, Ross, PetSmart, Old Navy, Wells Fargo and Romano’s Macaroni Grill. The mall provides excellent ingress and egress to/from the 60 freeway. The community center is this month’s most expensive commercial property listed in LA County.