The 5 Most Expensive CRE Properties in LA County – February 2015
Do you have millions of dollars saved up? Are you looking to invest in commercial real estate properties currently for sale in LA County? If you answered yes to both of these questions, then you might want to consider the following list of properties. This list was compiled from information provided by CoStar, and includes buildings in industrial, multifamily & hospitality categories listed for sale in February 2015. Information is current as March 6, 2015.
1. CITY OF INDUSTRY: Ajax Industrial Center
825 Ajax Ave., City of Industry, CA 91748
$64.5 million
CoStar
Sale Broker: Cushman & Wakefield – Collier’s International
Total space: 429,840 sq. ft.
Price per square foot: $150
Category: Industrial
At a nearly $65 million asking price, this property was the most expensive commercial property listed last month. The Ajax Industrial Center is a state-of-the-art 430,000 sq. ft. facility built on around 20 acres of land. Appropriately, as it is located in the City of Industry, the land and property as built out is suitable for warehouse use, as well as office space. According to the listing, it would be suitable for an investment or owner/user opportunity.
2. ARTS DISTRICT: Adjacent Industrial Properties,
1522-1570 Industrial St. & 668 S. Alameda St, Los Angeles, CA 90021
$40 million
Google Street View
Sale Broker: J. Austin Russell
Total space: 152,433 sq. ft.
Price per square foot: $262.41
Years completed: 2001 & 1930, respectively
Category: Industrial
The industrial sites pictured above are the home of Showa Marine & Cold Storage, a refrigeration facility located in the booming Arts District of Los Angeles. The sale price includes the building and 3.75 acres of land. This could become a lucrative opportunity for an investor who wishes to capitalize on the rapid development that the Arts District is currently facing. The land is zoned for industrial, but the flyer claims that the property can be redeveloped for “offices, retail or adaptive reuse.”
Note: The listing shows two addresses on file, but they are actually adjacent buildings on a contiguous lot.
3. BUENA PARK: Radisson Suites Hotel
7762 Beach Blvd., Buena Park, CA 90620
$26 million
Google Street View
Sale Broker: CBRE
Total space: 100,000 sq. ft.
Price per square foot: $260 (Price per room: $130,000 – 200 rooms)
Year completed: 1982
Category: Hospitality
The Radisson Suites Hotel, located in Buena Park, is located a mere half a block away from Knott’s Berry Farm, so it could be a viable buy for an investor looking to capitalize on the over 3.5 million Knotts fans that visited the park in 2013.
4. BRENTWOOD: Villa Montana
11609-11611 Montana Ave., Los Angeles, CA 90049
$22 million
Google Street View
Sale Broker: Marcus & Millichap
Total space: 45,163 sq. ft.
Price per square foot: $487.12 (Price per unit: $1 million – 22 units)
Year completed: 2005
Category: Multifamily
This multifamily property was built in 2005 and is located on Montana Ave in Brentwood. Although it is located on a relatively quiet street, it is just minutes away from the all the shops and restaurants in the neighborhood.
5. LA PUENTE: Villa Las Brisas
500 – 558 Dora Guzman Ave., La Puente, CA 91744
$20 million
Google Street View
Sale Broker: Berkadia
Total space: 91,150 sq. ft.
Price per square foot: $85.68 (Price per unit: $192,308 -- 104 units)
Years completed: 1963
Category: Multifamily
This 104-unit apartment complex is located in La Puente, located approximately 20 miles east of Downtown L.A. Villa Las Brisas is located across the street from an elementary school, making it a safe and sound choice for families with young children. Perhaps investors would take advantage of its convenient location and build out resource rooms for the children who live in the apartments, just as we have done for our complexes. Visit Education Advantage Foundation and Learning Links Centers for more information.
If you had millions of dollars to invest on commercial properties, would you buy any of these properties? If you do have the funds necessary to purchase and are interested in any of the listings above, please contact us and we'll work with the sales broker to realize your investment dreams.