Lee & Associates- LA North/Ventura closes $5 million transaction for multi-use complex in LA

eTradeWire News/10634820
LOS ANGELES - eTradeWire -- Lee & Associates- LA North/Ventura brokers Scott Romick, managing director and principal and Cory Stehr, principal, have negotiated the sale of 3716 Eagle Rock Blvd & 3729 Verdugo Rd., collectively known as Glassell Commons, a value-add, mixed-use asset within one of the most dynamic and rapidly gentrifying submarkets in Northeast Los Angeles (NELA). The property, which currently houses two different structures totaling approximately 18,000 SF, sold for $5 million. Romick and Stehr represented the seller, Bldg. Vision, LLC and Bldg. Commons, LLC, while Mark Sokolowski of Newmark represented the buyer Sunstone Management, Inc.

"A burgeoning neighborhood with an influx of new residents, there are several hundred apartments, condominiums and small lot homes built or being built in the area. Commercial development has not kept pace, and Glassell Park is a neighborhood in need of retail and service businesses and amenities," said Scott Romick. "Our client always had a plan to make this property part of the community, and we believe the buyer is perfect to continue on with their vision."

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Located at the signalized intersection of Verdugo Road & Eagle Rock Boulevard, the subject property is highly identifiable with frontage on both streets and immediate visibility from the Verdugo exit at the 2 Freeway.

"Given the rising cost of construction, shortage of materials, and skilled labor, this is a unique opportunity to acquire a signalized intersection for below $300 per net building square foot," said Cory Stehr. "Media Center Drive, just a few minutes away, houses a number of large postproduction and related media companies, generating a need for co-working and small office space for the independent contractors who work with these types of companies."

The buildings offer a unique blend of design elements such as: bow & truss industrial, charming brick storefront façade, Art Deco rear, and cinderblock automotive property. Current ownership has been careful in preserving the original characteristics and charm which can be further enhanced during the repositioning process.

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About Lee & Associates - LA North/Ventura, Inc.

Celebrating 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada. With more than 900 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional, and national level. Lee & Associates-LA North/Ventura, Inc. provides industrial, office, retail, and multifamily/investment and development land brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley, and throughout Ventura County. For more information, visit lee-associates.com (http://www.lee-associates.com/)

Media Contact
Anne Milo Shanahan
ashanahan@hoytorg.com


Source: HoytOrg

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