The 5 Most Expensive CRE Properties in LA County – June 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 healthcare, multifamily, office, land & retail categories listed for sale in June 2015. Properties on this list are still listed for sale as of June 29, 2015 and information is current as of this date.
5. SHERMAN OAKS: Century House
5307 Sepulveda Blvd, Sherman Oaks, CA 91411
Listing Broker: Keller Williams Commercial – Santa Monica
Total space: 47,062 sq. ft.
Price per square foot: $346.35
Year completed: 1969, renovated 2008
Starting the list for this month is a 72 unit apartment building located in Sherman Oaks. It underwent extensive renovations in 2008 and amenities include a large pool, roomy deck and BBQ area. It is conveniently located minutes away from both the 405 & 101 freeways, allowing for quick ingress/egress to all points north, south, east and west.
4. WEST HOLLYWOOD: Intersound Building
962 N. La Cienega Blvd., West Hollywood, CA 90069
Listing Broker: CBRE
Total space: 20,709 sq. ft.
Price per square foot: $820.90
Year completed: 1970, renovated 2000
This fortress-like building has a long history with the entertainment industry. It has been home to numerous media/production companies, such as ESPN and Discovery Studios. There seems to be at least two of everything in the property, as one was apparently not enough. It is two-stories tall and contains over a dozen offices and multiple kitchens, terraces and lounges. There are two parking areas, one underground and a surface lot adjacent to the structure.
3. WEST LA: Healthcare Assisted Living Building
12301 – 12311 Santa Monica Blvd., Los Angeles, CA 90025
Listing Broker: DTZ
Total space: 32,594 sq. ft.
Price per square foot: $566.82
Year completed: 1970
Category: Health Care
At nearly $18.5 million, this 90 unit healthcare facility is currently for sale by DTZ. According to the listing, the site is being offered as a 100% fee simple on an approximately 23,500 sq. ft. lot. This could be a potential redevelopment opportunity for an investor, although a lease with the senior housing facility through December 2018 will delay proceedings.
2. NORTH HILLS: Development Land
8811 – 8857 Sepulveda Blvd., North Hills, CA 91343
Listing Broker: Stevenson Real Estate Services
Total space: 211,250 sq. ft.
Price per square foot: $91.12
Year completed: N/A
This North Hills listing includes contiguous property at Sepulveda Boulevard, Langdon Avenue and Rayen Street adding up to nearly 5 acres. It is minutes away from the 5, 118, 170 and 210 freeways, allowing it to be sold as a property with a convenient location.
1. HUNTINGTON PARK: Plaza de la Fiesta Phases III & IV
7126 – 7148 Pacific Blvd., Huntington Park, CA 90255
Listing Broker: REZA Investment Group, Inc.
Total space: 48,685 sq. ft.
Price per square foot: $441.61
Year completed: 1985
Category: Retail (Neighborhood Center)
Rounding the list of the top 5 most expensive properties is the Plaza de la Fiesta III & IV in Huntington Park. At 95.1%, the community has one of the highest percentages of Hispanic residents. The center benefits from vehicle & pedestrian traffic that travel through Pacific Boulevard, giving tenants great visibility.