Here are LA County’s top 5 commercial sales of May

The list total $94M and includes one property that Hollywood producer Joel Silver sold

Los Angeles /
Jun.June 19, 2019 05:00 PM
A collage of the top commercial sales
A collage of the top commercial sales

An 80-year-old Venice post office that was to be transformed into Joel Silver’s production headquarters has new owners who would rather convert it into an office.

At $22 million, the property was Los Angeles County’s top commercial sale of May, records show. Combined, investors spent $94.2 million on the five priciest deals, far higher than the $45.8 million spent in April.

The top five deals — they include two fitness centers — are spread from Venice to Downtown L.A. Two of the properties are located in federally designated Opportunity Zones, which provide tax incentives to long-term investors.

The Real Deal compiled its list based off property records on PropertyShark.

1601 S. Main Street — Allied Commercial Exporters Limited | $22 million

A production company led by film producer Joel Silver and Hal Sadoff has sold an 80-year-old post office in Venice to London-based Allied Commercial Exporters. The property is located in an Opportunity Zone, and the new owners plan to convert it into an office building. It was previously planned as the headquarters of Silver’s movie production and financing company. Silver purchased the site in 2012 and started renovations, but ran into problems completing the project. The Louis Simon-designed post office was completed in 1939 and built as part of President Roosevelt’s New Deal.

1950 Foothill Boulevard — Realty Income | $20.9 million

Realty Income purchased a 14-screen movie house in the city of La Verne in a leaseback deal with Cineworld Group and Edwards Theatres Inc. The deal for the Edwards La Verne 12 theater at 1950 Foothill Boulevard was for $20.9 million. The theater includes 412,000 square feet, and is part of the Edwards Theatres chain. Last month, Cineworld announced it would sell 17 multiscreen theaters for $287 million and lease them back.

1530 W. West Covina Parkway — Ya Yung Yeh and Cheng Tsung Yeh | $20.7 million

Capital Square 1031, which specializes in 1031 exchanges, sold a West Covina property that is fully leased by a 24 Hour Fitness. The building at 1530 West Covina Parkway spans 37,500 square feet. Two individuals, Ya Yung Yeh and Cheng Tsung Yeh, purchased the property for $20.7 million.

17351 Gale Avenue — Robert and Kimberly Yu | $16 million

City of Industry sold a commercial site at 17351 Gale Avenue to individuals Robert and Kimberly Yu for $16 million, records show. An 80,500-square-foot store was previously on the site, which spans four acres. City of Industry has benefited from the strong demand for industrial properties.

400 W. Pico Boulevard — Masoud Omrani | $14.5 million

The owners of a fitness center on Pico Boulevard in Downtown L.A. have sold the property for $14.5 million. The sellers were various private trusts, and the buyer was an individual, Masoud Omrani. The Hardcore Fitness Bootcamp Spans some 8,220 feet, and the building qualifies as a warehouse. It was built 110 years ago and was altered in 1976. It is also located in an Opportunity Zone.


Related Articles

arrow_forward_ios
1333 S. Orange Grove Avenue (Google Maps)
Canfield sells newly converted luxury rental complex
Canfield sells newly converted luxury rental complex
Two buildings in the apartment portfolio (Google Maps, iStock)
Westside apartment portfolio fetches $73M
Westside apartment portfolio fetches $73M
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)
Contractors pull out as Oceanwide Center sale falls through again
Contractors pull out as Oceanwide Center sale falls through again
Photo illustration of Prologis CEO Hamid Moghadam in front of the Greyhound station at 1716 E 7th St. (Getty)
Prologis buys LA Greyhound station for $91M
Prologis buys LA Greyhound station for $91M
Hollywood 959 office complex and Russell Geyser (Photos via First Property; Getty)
JH Snyder sells Hollywood 959 complex for $186M
JH Snyder sells Hollywood 959 complex for $186M
NMS Properties' Neil Shekhter and renderings of 1325 6th Street, 1437 6th Street, 1430 Lincoln Blvd. and 1318 Lincoln Blvd. in Santa Monica (Kevin Scanlon, WSC)
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
The Georgian at 1415 Ocean Avenue and The Viceroy at 9291 Burton Way (Google Maps)
An inhospitable market? LA’s biggest hotel sales plunge in 2020
An inhospitable market? LA’s biggest hotel sales plunge in 2020
OUE Limited executive chairman and CEO Stephen Riady and Silverstein Properties’ Larry Silverstein, with US Bank Tower at 633 West Fifth Street (Credit: Spencer Platt/Getty Images, and Wikipedia)
“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy
“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...