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: