LA’s priciest commercial listings to hit the market in June

Sherman Oaks Best Buy selling for $43.6M, Pacific Palisades "trophy property" listed for $26.5M ... and more

Jul.July 01, 2016 08:30 AM

Los Angeles had a scorching hot June, but it was business per usual for the commercial real estate industry. While many of the hottest listings are being quietly marketed, there are significant public pickings. In the roundup below, The Real Deal checks out the priciest commercial listings that were logged in CoStar last month.  

Sherman Oaks Best Buy

The 55,000-square-foot Best Buy store at 4500 Van Nuys Boulevard is on the market for $43.6 million. A CBRE team led by Alex Kozakov is selling the retail structure, built in 2007, on behalf of York Capital Management. The New York-based firm purchased the property in 2013 for $32.4 million, property records show. Its only tenant, Best Buy, has a lease that expires in 2028.

Sunset Palisades in Pacific Palisades

Described by its broker as a “trophy property,” the twin multi-family buildings at 17010 and 17020 West Sunset Boulevard in Pacific Palisades make up a residential complex with one- and two-bedroom units. The 47,000-square-foot portfolio is asking for $26.5 million. The listing agent is Hamid Soroudi of Charles Dunn Company. Owner Mark Gabay, of  Hollywood’s Charles Company, developed the complex after buying the land in sits on in two separate transactions nearly 30 years apart, property records show.

South Gate Plaza in South Gate

 Comprised of five retail properties on Long Beach Boulevard and Santa Ana Street, the South Gate portfolio has an asking price of $25 million. Owned and developed by the Cal-American Corporation, the five-and-a-half-acre plaza at 2651-2655 Santa Ana Street is on the market for the first time in decades, according to marketing material from Century American Realty. Ninety-eight percent of its 61,000 square feet of space is currently occupied, with CVS and Northgate Market as the anchor tenants.  

452 Los Robles in Pasadena

Marketed as the site for a mixed-use residential development, this 2.4-acre lot in Pasadena is on the market for $24.9 million. Currently occupied by a 31,000-square-foot building that houses a 99 Cent Only store, whose lease ends in 2018, the parcel is zoned as residential. The owner is an entity called Los Robles Villa Property. CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson are the listing agents.  

Glendale Studios in Glendale

For $24 million, this 2.2-acre lot could be yours. Owned by film studio company Glendale Studios, the site at 1239 South Glendale Avenue includes seven contiguous lots and several structures, according to listing agent Jay Martinez of Brookfield Partners. Glendale Studios is the only tenant.

Ventana Apartments in Pico-Robertson

Located in the Pico-Robertson submarket, this 52-unit apartment complex has an asking price of $20 million. Owned by the Malibu-based Christina Development, the low-rise building at 8560 West Olympic Boulevard has studio, one-bedroom and two-bedroom units. Built in 1975, the nearly 40,000-square-foot property previously changed hands in 2000, records show. Richard Ringer of Marcus & Millichap has the listing.

Oxford and Normandie Lofts in Koreatown

Built in the 1920s, this pair of Koreatown mid-rises — both under rent control — are on the market for $17.3 million. Marketed as investment properties, the buildings are located at 849 South Oxford Avenue and 167 South Normandie Avenue, respectively. The portfolio has 90 units combined — and just shy of 60,000 square feet. The owner is L.A.-based Candelabra Group, who bought the pair for $6.8 million in 2012. Brent Sprenkle of Berkadia is the listing agent.

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