CBRE ANNOUNCES SALE OF MULTI-TENANT RETAIL PROPERTY IN WESTWOOD VILLAGE, CA, FOR ABOUT $4 MILLION
12 3 2018
CBRE announced the sale of a multi-tenant retail property in Westwood Village on Los Angeles’ popular westside for just over $4 million.
Alex Kozakov, Patrick Wade, and Matthew Greenberg of CBRE represented the seller in the transaction, a private family trust.
Located at 1136-1140 Westwood Blvd., the two-story building is comprised of 6,340 square feet. The well-maintained structure has undergone several upgrades over the years and is currently occupied by long-standing tenants, including D’Amores Pizza on the ground-floor, along with office users on the second-floor.
“Due to this incredible location and the value-add potential down the line, we procured seven offers within a mere two weeks of being on the market,” said Wade. “We were also very pleased with the speedy due diligence period.”
Westwood Village benefits from the 45,000-student population at nearby University of California, Los Angeles and hundreds of offices located on the Wilshire Corridor.
Los Angeles is at the top of the list for property purchases this year. Commercial real estate investors across the nation are more positive going into 2018 than they were at the start of last year, with Los Angeles being the No.1 target market, according to CBRE’s latest survey. The West Coast metropolis beat out New York and Dallas. Particularly value-add assets are favored this year as investors are searching for yield and asset diversification.
The buyer, Mory, LLC, a private ownership group based out of West Los Angeles was also represented by Kozakov, Wade and Greenberg.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.