Los Angeles Retail Site Sells for Almost $2,500 PSF
A joint venture of Acadia Realty Trust and Osiris Ventures has acquired a freestanding single-tenant retail building in the city of West Hollywood in Los Angeles County.
The 9,757-square-foot building traded for $24 million, according to Cushman & Wakefield (CWK), which represented the seller, global financial services giant TIAA. That pencils out to about $2,460 per square foot.
The single-story building at 8833 Beverly Boulevard is fully leased to Luxury Living, a high-end furnishing outlet. The sale is less than the $25.9 million that the building sold for in July 2016.
“The residential growth and development in Los Angeles have driven demand for home furnishings,” said C&W’s Carine Mamann, who was on the brokerage team for the seller. “Beverly Boulevard, a main thoroughfare in West Hollywood, is home to many of the world’s top home furnishings brands and has continued to perform well through the pandemic.”
C&W’s Kazuko Morgan said the deal reflects ongoing demand from investors and occupiers for quality retail assets, and that the fundamentals in the retail real estate sector continue to strengthen.
C&W’s Mamann, Morgan and Steve Algermissen represented the seller. It’s not immediately clear who represented the buyer JV.
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