November 25, 2020 #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

$26 Million Dollar Home Designed by Hal Levitt

November 20, 2020

November 20, 2020

Today on Westside Cribz, We glimpse inside Hal Levitt’s “Holt House”, examine why the housing market took a slight pause...

Reese Witherspoon Sells $6.7 Million Dollar Malibu Ranch

November 13, 2020

November 13, 2020

Today on Westside Cribz, how virtual rental applications have increased fraud, Reese Witherspoon sells her Malibu farm, and the local...

Public Meeting on Venice Coastal Zone Area

November 8, 2020

November 8, 2020

Forum for feedback and suggestions about historic places, people, and events located specifically in the Venice Coastal Zone A resurvey...

Edify TV: West LA Civic Center Redevelopment

November 8, 2020

November 8, 2020

Learn about two proposals to redevelop the West Los Angeles Civic Center in this video made possible by School of...

Red Hot Chili Peppers ‘Flea’ Buys Malibu Garden House

November 6, 2020

November 6, 2020

Today on Westside Cribz, Red Hot Chili Peppers ‘Flea’ buys a Malibu garden house, Forecast for the Winter buying season,...

$120M Mixed-Use Project in Marina del Rey Completed

November 1, 2020

November 1, 2020

By Toi Creel The G8 development is officially done. The California Landmark Group recently completed the $120 million mixed-use project...

Elon Musk Sells Former Home of Gene Wilder to Wilder’s Nephew With One Catch

October 30, 2020

October 30, 2020

Today on Westside Cribz, Elon Musk sells Gene Wilder’s former home, five closing costs to consider when selling your home,...

Two Developments with 100+ Units Underway Near Venice High School

October 25, 2020

October 25, 2020

Duo of multifamily apartments on Venice Boulevard beginning to rise By Kerry Slater Over a year after breaking ground, a...

Edify TV: Development Replacing Local Car Wash

October 25, 2020

October 25, 2020

A Sawtelle lot that once held a car wash will soon be the site of a multi-family housing development. Learn...

MedMen Founder Chris Ganan Sells Brentwood Home for $9.9M

October 23, 2020

October 23, 2020

Today on Westside Cribz, 5 questions to ask before you refinance, MedMen founder Chris Ganan sells Brentwood home, and local...

Three-Story Apartment Building Planned Near Venice Canals

October 18, 2020

October 18, 2020

1940s triplex could be replaced by co-living facility By Toi Creel Plans are in the works to demolish a 1940s...

Edify TV: Deal to House Homeless People Near Freeways

October 18, 2020

October 18, 2020

After months of negotiations, the City and County of LA reached a $300 million deal to house thousands of homeless...

Virtual Staging Changing The Way We Sell Property?

October 16, 2020

October 16, 2020

Today on Westside Cribz, Chuck Lorre buys his neighbors home, Rage Against the Machine drummer Brad Wilk selling his Santa...

Katy Perry Selling Beverly Hills Home For $7.95M

October 9, 2020

October 9, 2020

Today on Westside Cribz, The most cost effective remodel projects to raise your homes value, Katy Perry is selling her...