NAI Capital Completes $6.6 million Sale of a Historic Retail Property in Los Angeles’s West Adams Heights Neighborhood
Los Angeles, CA, Tuesday, August 02, 2016 – Senior Vice President Parham Khoshbakhtian with NAI Capital represented the seller Washington-Western LLC on the sale of a historic freestanding 22,400 square foot storefront retail property in Los Angeles’s West Adams Heights neighborhood. The sale price was $6.6 million or $295 per square foot.
The property located 2128-2152 W Washington Blvd Ave was 100% occupied at the time NAI Capital was awarded the listing but was delivered vacant to the buyer as a condition of the sale. It was sold as an investment to an owner-user who plans to occupy the entire building for a senior day care center. The property was built in 1924 and is a single story brick structure siting on a 31,063 square foot land parcel with 230 feet of frontage on W Washington Blvd.
The property is on a prime corner of W Washington and S Oxford and is just one small block off the intersection of W Washington Blvd and S Western Ave. It is in a densely populated market area with over 611,000 residents living within a 3 miles radius.
Khoshbakhtian said, “We are able to obtain a purchase price that was 10% higher than our client’s desired listing price by reaching out to the probable buyers in the market while also proactively working with outside brokers to create a multiple-offer bidding environment. As part of the conditions of the sale, I vacated the fully occupied property and delivered it to the owner-user buyer vacant.”
About NAI Capital
NAI Capital Company is one of the Southern California’s leading full-service commercial real estate companies, providing a complete range of transaction, property management and consulting services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout Southern California. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.
To learn more, visit www.naiglobal.com.
# # #