The five priciest commercial deals to go down in LA in 2016

Sale of Tower Records store on Sunset among most expensive sales by price per sf

Feb.February 29, 2016 03:00 PM

As developers snatch up properties around Los Angeles, eyeing redevelopment, TRData crunched the numbers on the priciest commercial deals to go down so far in 2016 based on price per square foot.

The frontrunner was not a building that traded in Beverly Hills or even Hollywood. The deal went down in Van Nuys. That 1,032-square-foot retail building, at 17320 Vanowen Street, traded for $6,946 a square foot, according to CoStar Group. Read on for the full list, which includes the sale of the iconic Tower Records store on the Sunset Strip.

The second priciest per-square-foot sale went down in January, when a 1,247-square-foot Class C office building at 1509 South Bluff Road in Montebello traded hands for $6.5 million, or $5,213 a square foot.

In early February, Century City investment manager Adherence Capital Management bought a 8,700-square-foot retail building that used to house a Tower Records store at 8801 West Sunset Boulevard for $35 million, according to CoStar. Adherence paid the seller, New York’s Angelo Gordon & Co., $4,023 a square foot for the property. The site was denied landmark status by West Hollywood several years ago, much to the chagrin of those who fought to stop previous redevelopment plans.

In the fourth priciest deal, which went down in late January, buyer Sagar Parikh bought a 1,125-square-foot Chevron gas station at 1516 South Main Street near Downtown Los Angeles for $4.5 million. He paid the seller, A&A Newman Living Trust, a whopping $4,000 a square foot for the service station. The property was sold for its land value, according to sale notes on CoStar.

Also in late January, a 3,131-square foot commercial office property at 1446-1450 North Gardner Street in West Hollywood traded hands for $11.1 million, or $3,529 a square foot, according to CoStar.

Here’s the full list from TRData:

Related Articles

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

From left: A San Fernando Valley retail center and a Forever 21 near downtown LA (Credit: iStock)

Greater LA retail market struggles to recover from big box closures, bankruptcies

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project