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.