The 5 Most Expensive CRE Properties in LA County – July 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 multifamily, industrial & retail properties listed for sale in July 2015. Properties on this list are still for sale as of July 31, 2015 and information is current as of this date.
5. DOWNTOWN: Oviatt Apartments
1315 S. Flower Street, Los Angeles, CA 90015
Listing Broker: DAUM Commercial Real Estate Services
Total space: 97,000 sq. ft.
Price per square foot: $162.37 (Price per unit: $140,625)
Year completed: 1911
Located in Downtown, the Oviatt building currently consists of hotel rooms turned apartment units, along with ground floor retail. Because of its location a block away from the LA Live and a Metro Expo Line stop, the parcel has great potential for redevelopment.
4. LOS ANGELES: ColorGraphics, Inc.
150 N. Myers St. & 155 Mission Rd., Los Angeles, CA 90033
Listing Broker: CBRE
Total space: 10,288 sq. ft.
Price per square foot: $247.82
Year completed: 1964
Adjacent to the booming Arts District and LA River, the ColorGraphics structure According to the CoStar listing, advantages of the property include upside, existing income, redevelopment potential and strong fundamentals. A $1 billion project to create a greenway corridor will complement the property’s 500 feet of frontage along the river. The project is expected to be complete by 2020.
3. HOLLYWOOD: The Gershwin Apartments
5533 Hollywood Blvd., Los Angeles, CA 90028
Listing Broker: Institutional Property Advisors
Total space: 65,372 sq. ft.
Price per square foot: $257.19 (Price per unit: $149,390)
Year completed: 1927, renovated 2013
The 163-unit apartment complex is a mix of old and new. It was constructed in 1927 and was fully redeveloped in 2013. Although it received modern amenities, such as a fitness center and business center, it manages to keep an exterior that is reminiscent of its earlier years.
2. WEST COVINA: Tuscany Villas
1945 E. Garvey Ave., West Covina, CA 91791
Listing Broker: Colliers International
Total space: 85,242 sq. ft.
Price per square foot: $293.28 (Price per unit: $151,515)
Year completed: 1966
Tuscany Villas is a 165 unit apartment complex, featuring a mix of studios, one and two-bedroom units. The property received extensive exterior and interior renovations, including a resurfaced parking lot, new landscaping and brand new kitchen and bathrooms.
1. ROSEMEAD: Auto Dealership
8001 Garvey Ave., Rosemead, CA 91770
Listing Broker: Concord Realty, Inc.
Total space: 738,778 sq. ft. (16.96 acres)
Price per square foot: $80 (land value)
Year completed: 1969
Topping the list for this month is a former auto auction house in Rosemead. It is composed of a 35,228 sq. ft. building and an extensive parking lot. All together, the property measures nearly 17 acres. The lot is about a quarter mile away from the 10 freeway, allowing for easy ingress and egress. According to the LoopNet listing, it would be an “unparalleled opportunity to redevelop one of LA County’s largest under-utilized commercially zoned locations.”
Note: This list does not include any off-market properties. While every effort has been made to verify the accuracy of the contents in this article, we cannot guarantee accuracy given that information is subject to change.