Here’s what LA’s $10M-$30M investment sales market looked like this week
In the world of mid-market L.A. investment sales last week, Newmark Merrill sold its Walmart property in Norwalk, while LaTerra Development scooped up a multifamily asset in Los Feliz. Boston’s Alcion Ventures also unloaded a property: a 48-unit apartment building in Mid-City.
1. The Woodland Hills-based Newmark Merrill sold a 237,000-square-foot retail property in Norwalk to a private investor, Real Capital Analytics and CoStar show, for $20.2 million, or $85 per square foot. Currently occupied by Walmart, the structure sits on a 9.5-acre lot. The site at 11729 Imperial Highway last traded hands in 2002. The buyer is the Margaret Wang Trust.
2. LaTerra Developments, meanwhile, bought a 0.9-acre site at 4850 Hollywood Boulevard in Los Feliz as a development opportunity for $10.4 million, The Real Deal reported Thursday. The seller was a private individual, David Casselman. In the sale, LaTerra was represented by Oron Maher of BRC Advisors while Casselman was represented by Chris Comfort of Apex Realty. The property is occupied by a 16,000-square-foot retail strip with 11 tenants, which would probably be razed for the planned mix-used project, sources told TRD.
3. Finally, Alcion Ventures sold a 48-unit apartment complex in Mid-City to Empire USA for $13.35 million, or $278,125 per unit, RCA shows. The price was confirmed by Alcion partner and CFO Eugene DelFavero. The property at 314 Arnaz Drive was built in 1984 and sits on a 0.4-acre site. It last traded hands for $8.9 million in 2008, property records show.