LOS ANGELES, CA – 08-28-2018 (Press Release Jet) — Coldwell Banker Commercial WESTMAC has arranged the sale of 3007 Washington Boulevard for $7,515,888.
Located along Washington Boulevard between major thoroughfare Lincoln Boulevard and popular Abbot Kinney Boulevard, 3007 Washington is made up of one two-story multi-tenant building approximately 11,312-square feet on an approximate 9,904-square-foot lot. The building is occupied by a mix of creative offices and retail.
Ness Holdings Inc, the seller, purchased the property in 2015 and performed substantial renovations to the exterior and select interior units. Ness saw an opportunity to reposition an underperforming asset in a great sub-market for creative office tenants. During its ownership, Ness released ~30% of the renovated space to a variety of new tech firms, further validating the area’s desirability among tech firms. The building was purchased by Ashley Square Associates, LLC, a company sponsored and controlled by Craton Capital Management, in a tax deferred 1031-exchange.
“This area attracts many of the city’s tourist due to its close proximity to Abbot Kinney, Lincoln Boulevard and the beach, making it very appealing to buyers.” T.C. Macker, CCIM said. “We had a lot of interested parties and received multiple offers.”
T.C. Macker, CCIM of Coldwell Banker Commercial WESTMAC and Michael Preiss, Kevin Simpson, Erica Taylor of rsfLA, Inc represented both the Buyer and Seller.
About Coldwell Banker Commercial Coldwell Banker Commercial WESTMAC is a Los Angeles based commercial real estate brokerage firm founded in 1988 by one of L.A.’s most recognized commercial real estate brokers Timothy C. Macker. Our firm is a full service real estate company that provides exemplary consultation, advisory and marketing services to property owners, users, developers and investors. Since 2000, the company has been an affiliate and franchisee of Coldwell Banker Commercial organization tracing its roots back to 1906.Our 30+ professionals specialize in four distinct market niches: office, industrial, retail and multi-family properties. Among the primary services the firm provides are exclusive marketing of both for-sale and for-lease properties, representation of tenants seeking to lease commercial space, and consultation to real estate investors, developers and owners on the disposition or acquisition of commercial property.Our standard is “The client’s best interest must be the guiding force behind all services.”
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