Wednesday May 13, 2015 – 9:23am
Privately-funded real estate investment and development firm, Ness Holdings, Inc. recently announced that they had acquired “a single tenant restaurant on the “hottest” street in Los Angeles, Abbot Kinney Blvd in Venice, CA”.
The single tenant site currently houses Wabi Sabi Sushi restaurant, and is located at 1637 Abbot Kinney Blvd. in Venice. The building was purchased for $7.4 million.
Ness Holdings acquired the property due to its in-demand location. Wabi Sabi is one of only a few restaurants with a CUP license as well as a Type 47 liquor license and Ness Holdings believes this will be a huge incentive for any future tenant.
Current tenant Bruce Horwitz told Yo! Venice that Wabi Sabi is no longer profitable. The restaurant will soon close joining a slew of other local favorites who have closed their doors, like Hal’s and Casa Linda.
Horowitz who is also responsible for popular restaurant Tasting Kitchen has a future Venice development planned on Rose Ave and will not be staying at the Wabi Sabi site.
Ness Holdings plans to reposition the property and bring in a new high-end restaurant or convert it into a high fashion retail store.
Steven Taylor, Founder of Ness Holdings, Inc., commented, “There is very limited availability on Abbott Kinney, especially for establishments with a Type 47 liquor license. It’s also one of the few free-standing properties on this booming street in Venice. We’re excited for this acquisition and confident about the continued growth prospects of Abbot Kinney.”