August 2, 2021 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

Venice Beach Mixed Use Building Sells for $11.5 Million

A joint venture comprised of local real estate investment firms BLVD Partners LLC (“Boulevard Partners”) and Arris Investments has acquired a 25,000-square-foot mixed-use building on Lincoln Boulevard at Rose Avenue in Venice Beach for $11.5 million.

The two-story building is divided between retail and office space and was 30 percent leased at the closing, according to Boulevard Partners Managing Partner Scott A. Ginsburg.

“This was a rare opportunity to acquire a well located building in a truly transformative neighborhood. We plan to make significant architectural improvements to the interior and exterior that will appeal to a creative class of retail and office tenants,” said Ginsburg.

Caddy corner to Whole Foods Market, the building is located within walking distance to the many amenities of Rose Avenue, Abbot Kinney and the beach.  In addition, several news restaurants have opened up in the immediate area including Clutch, Superba Food & Bread, and Gjusta.

“Given our experience in the marketplace, we are excited to be a part of the continued evolution of Lincoln Boulevard and the Rose Avenue Corridor,” said David Parsky, Managing Principal of Arris Investments.

To that end, the new owners have engaged Santa Monica-based Industry Partners, specialists in the creative office market to handle the leasing.

The acquisition also included an adjacent 55-stall surface parking lot, according to Sklar Kirsh attorney Andrew Kirsh who led the legal team that advised the buyer on the purchase and acquisition financing.

“The vision of our client combined with the asset’s ample parking made it an exciting transaction,” added Kirsh.”

The joint venture and the seller, a private partnership, were represented by Jeff Pion of CBRE.  Acquisition financing was provided by Latitude Real Estate Investors.

Related Posts

20-Year-Old Fresno Man Killed in Venice Shooting, Crash

July 30, 2021

July 30, 2021

No arrests made in connectio to Tuesday incident By Sam Catanzaro. Officials have released the identity of a 20-year-old man...

Uovo Pasta Opens in Marina Del Rey

July 29, 2021

July 29, 2021

Soft opening for popular restaurant at Pier 44 By Kerry Slater  Popular pasta restaurant Uovo is now open in Marina...

Police Investigating Fatal Crash, Shooting in Venice

July 28, 2021

July 28, 2021

Details remain murky surrounding Tuesday morning incident  By Sam Catanzaro Police are investigating a fatal car crash and possible related...

Venice Community Housing Receives Honor From American Institute Of Architects: YO! Venice Show – July 27, 2021

July 27, 2021

July 27, 2021

Local news and culture in under 5 minutes. * Venice Community Housing Receives Honor From American Institute Of Architects *...

Homeless Advocate Arrested Near Venice Bridge Home Shelter on Suspicion of Dealing Drugs (UPDATED)

July 26, 2021

July 26, 2021

65-year-old Garry Featherstone accused of selling meth, PCP By Sam Catanzaro A self-described homeless outreach advocate was recently arrested near...

Bonin’s Encampment to Home Moves 131 Homeless Into Housing: YO! Venice Show – July 19, 2021

July 19, 2021

July 19, 2021

Local news and culture in under 5 minutes. * Bonin’s Encampment to Home Moves 131 Homeless Into Housing * LAFD...

Petition for Recall of Councilmember Bonin Approved for Circulation

July 13, 2021

July 13, 2021

Signature gathering phase now set to begin after Tuesday approval by City Clerk  By Sam Catanzaro The Los Angeles City...

Deadline Extended For Unhoused To Move Belongings Off Boardwalk: YO! Venice Show – July 12, 2021

July 12, 2021

July 12, 2021

Local news and culture in under 5 minutes. * Deadline Extended For Unhoused To Move Belongings Off Boardwalk * Pedestrian...

Hyperion Spill Discharges 17 Million Gallons of Raw Sewage Into Santa Monica Bay

July 12, 2021

July 12, 2021

Sunday night spillage occurs 1-mile offshore from Hyperion Water Reclamation Plant By Sam Catanzaro 17 million gallons of raw sewage...

IPO Cosmetics Launches The World’s First 4Step Facial Kit

July 10, 2021

July 10, 2021

It’s Perfect On Introduces a New, Convenient, Portable and Eco-Friendly Skincare Option By Staff Writer What if you could get...

Marina Drive-In Movie Summer Series Underway

July 9, 2021

July 9, 2021

Gather with your family and friends to watch movies by the sea in Marina del Rey. Marina Drive-In Movie Nights,...

Venice Car-to-Car Shooting Leaves 18-Year-Old Dead

July 6, 2021

July 6, 2021

LAPD investigating Monday incident By Sam Catanzaro Police are searching for a driver wanted in connection to a car-to-car shooting...