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The Real Deal Los Angeles

Fogel Real Estate buys Venice flex office property for $31M

The 22K sf building is near 2 other properties the first acquired
By Dennis Lynch | June 29, 2018 03:00PM

812 Main Street

Fogel Real Estate Group has scooped up another property in Venice.

Blake Fogel’s Los Angeles commercial real estate firm bought a 21,600-square-foot flex office property at 812 Main Street, according to Real Capital Analytics.

The deed records the sale at $30.5 million, which pencils out to $1,412 per square foot, but a source close to the deal said it was higher. The seller was listed as Paul Wachter. The existing building is three stories and was constructed in 1987.

Fogel owns at least two other nearby properties — a single-story office building and a lot where the firm is planning a three-story mixed-use property.

That project would include eight live/work units, around 9,000 square feet of ground-floor commercial space and 82 underground parking spaces.

Fogel also plans to build boutique hotels with a “wellness-centric concept,” according to luxury lifestyle magazine Angeleno.