The 5 Most Expensive CRE Property Listings in LA County – April 2017
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, mixed-use, flex & land properties listed for sale in April 2017. Properties on this list are still for sale as of the date of publication and information is current as of this date.
5. GLENDALE: 1001 Melrose Apartments
1001 Melrose Ave., Glendale, CA 91202
$20.75 MILLION
CoStar
Listing Broker: Investment Real Estate Associates
Total space: 47,950 sq. ft. (63 units)
Price per square foot: $432.74 (Price per unit: $329,365)
Year completed: 1962, renovated 2005
Category: Multifamily
Beginning April's list of the 5 Most Expensive properties is this 63 multifamily building in Glendale. Per the listing, the current owners have invested in upgrading the property, including soft-story retrofit improvements. It is located less than a half mile away from the 134 freeway.
4. KOREATOWN: Land/Commercial Building
3431-3451 W. 8th St., Los Angeles, CA 90005
$23 MILLION
Google Earth
Listing Broker: Burts & Associates
Total space (land): 63,162 sq. ft. (1.45 acres)
Price per square foot (land): $364
Category: Land/Commercial
Being positioned as a redevelopment opportunity by the listing broker, this corner to corner property in Koreatown could be ideal for a brand new hotel, multifamily or other commercial project. As longtime readers may recall, this property was listed in our list of Top 5 Most Expensive CRE Listings of January 2016.
2 (tie). SANTA MONICA: Wave @ 3rd
901 3rd St., Santa Monica, CA 90403
$25 MILLION
CoStar
Listing Broker: Charles Dunn
Total space: 38,918 sq. ft. (32 units)
Price per square foot: $642.38 (Price per unit: $781,250)
Year completed: 1973
Category: Multifamily
According to the listing, this Santa Monica multifamily building is perfect for an investor who wishes to acquire a “value-add” asset in one of the most sought-after locations in Southern California. This is a 4 story, 32-unit apartment complex, mostly comprised of 2 bed / 2 bath units.
2 (tie). WESTCHESTER: Westchester Place
8820-8844 S. Sepulveda Blvd., Los Angeles, CA 90045
$25 MILLION
CoStar
Listing Broker: Hudson Commercial Partners & BRC Advisors
Total space: 51,632 sq. ft.
Price per square foot: $484.20
Year completed: 2008
Category: Mixed-use (Retail/Office)
Located on Sepulveda Blvd, on the way to LAX, this mixed-use complex is anchored by Bed Bath & Beyond. Other retail tenants are Starbucks and Coldwell Banker. USC occupies the second-floor office space.
1. EL SEGUNDO: USDA APHIS Building
222 Kansas St., El Segundo, CA 90245
$49.9 MILLION
CoStar
Listing Broker: SRS Investment Sales
Total space: 44,000 sq. ft.
Price per square foot: $1,134.09
Year completed: 2013
Category: Flex
If a U.S. government guaranteed lease is what you are looking for, and you have nearly $50 million to spend, then this may be the property for you. This property is currently occupied the U.S. Department of Agriculture for its Animal and Plant Health Inspection Service (APHIS) facility. This is one of 19 facilities in the country. It is strategically located in proximity to LAX and Ports of LA & Long Beach.
If you had millions of dollars to invest on commercial properties, would you buy any of these properties? If you are interested in any of the listings above, please contact us and we'll work with the sales broker to realize your investment dreams.
Note: This list does not include off-market listings or properties listed as “Price Negotiable” or without a price listed.
Since online retail is growing, and there are not enough industrial buildings, people are forced to find new ways of storing items. Although the demand for big-box industrial space still exists in the urban fringe, the last mile warehouse is about getting all you need close to the customers. After all, you can refill it with trucks from your regional distribution center whenever you need it. Look for spaces in the thousands of feet in buildings that have similarly sized floor plates.