July 29, 2021 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

$25 Million Portfolio on Ocean Front Walk in the Press

Looks like the agents for the “Gingerbread” properties are starting to push them in the press, an “exclusive” story showing up today on GlobeSt that the three mixed use properties and parking lot are for sale with the asking price of 25 million. The properties are the same ones that Russian billionaire Andrey Melnichenko was rumored to be purchasing in 2010.

Ocean Front Walk

From GlobeSt:

The portfolio includes three mixed-use properties and one 19,000-square-foot parking/open-air retail lot for potential development. The properties are all located along the Venice Beach boardwalk and include 511 Ocean Front Walk, a three-story apartment building with ground-floor retail; 517 Ocean Front Walk, a two-parcel complex known as the Gingerbread Court, consisting of seven buildings containing ground-floor retail and second-floor office space; 523 Ocean Front Walk, also known as the Blu House, a beach bungalow with coastal and city permits for a variety of uses including residential, restaurant and retail; and 601 Ocean Front Walk, a commercially zoned vacant parcel totaling approximately 19,800 square feet, with current coastal entitlements in place for a mixed-use food court/retail building. The latter property is currently being used as a parking lot with open-air retail on the boardwalk.

Richard Ringer, a first VP investments in Marcus & Millichap’s West Los Angeles office, is representing the seller. “This is a rare opportunity to acquire over 300 feet of irreplaceable beachfront real estate with unobstructed views of the Pacific Ocean along Ocean Front Walk,” said Ringer in a prepared statement. “This unique offering in the heart of Silicon Beach will attract interest from a variety of local and foreign investors and from potential owner-users in the high-tech and entertainment industries.”

Ringer tells GlobeSt.com that the Venice submarket is “perhaps the strongest market in all of Los Angeles. It’s a very hot market for all property types.”

Click here to read the rest of the article on GlobeSt.

Related Posts

Edify TV: West LA Chili Bowl Denied Historic-Cultural Status

July 12, 2021

July 12, 2021

Recently LA City Council voted to deny the West LA Chili Bowl Historic-Cultural Monument, one of the oldest surviving examples...

Five Story Apartment Building Unwrapped in Palms Neighborhood

July 6, 2021

July 6, 2021

Multi family housing complex will have 60 units.  By Toi Creel Yet another real estate development housing project is coming...

Snap and Hulu Expanding Westside Presence

July 6, 2021

July 6, 2021

Snapchat and Hulu are both expanding their Westside presences. Learn more in this video made possible by Malibu Community Collective.

24-Unit, Six-Story Development Approved for Palms

June 25, 2021

June 25, 2021

Regent Street and Dunn Drive development given green light By Toi Creel  A six story, 24-unit apartment building project will...

New Condos Planned For Del Rey

June 23, 2021

June 23, 2021

27 units will be a mixture of one bedroom and condominiums.  By Toi Creel  A new condo development is planned...

Edify TV: Trident Center Gutted as Makeover Continues

June 22, 2021

June 22, 2021

The Trident Center in Sawtelle is completely gutted as a $300 million revamp continues to make progress. Learn more in...

Edify TV: Report Sheds Light on LA’s Housing Deficit

June 22, 2021

June 22, 2021

A new report estimates a deficit of nearly a half a million affordable housing units in LA County. Learn more...

Mixed-Use 144-Unit Housing Project in The Works For Mar Vista

June 18, 2021

June 18, 2021

Apartments would contain public space plus affordable housing By Toi Creel A new six- story housing project is being reviewed...

Venice Boardwalk Development Appeal Hearing Postponed

June 11, 2021

June 11, 2021

Appeal hearing for mixed development at 811-815 Ocean Front Walk pushed back to August By Chad Winthrop An appeal hearing...

Edify TV: More ADUs for Los Angeles?

June 11, 2021

June 11, 2021

More ADUs (accessory dwelling units) could be coming to Los Angeles. Learn more in this video made possible by Malibu...

Wood Framing Complete For Mar Vista Affordable Housing Project

June 11, 2021

June 11, 2021

Vista Ballona development expected to be completed later this year with 50 units of affordable housing  By Toi Creel Wood...

Santa Monica Parking Structure to be Replaced by Housing?

June 4, 2021

June 4, 2021

A Santa Monica parking structure be demolished and replaced with affordable housing. Learn more in this video made possible by Santa...