The 5 Most Expensive CRE Property Listings in LA County – January 2017
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 the most expensive office, creative office, multifamily & retail properties listed for sale in January 2017. Properties on this list are still for sale as of the date of publication and information is current as of this date. Are you looking to invest in CRE properties currently for sale in LA County?
5. WESTLAKE VILLAGE: Westlake Spectrum Business Park
31248 Oak Crest Dr., Westlake Village, CA 91361
$18.6 MILLION
CoStar
Listing Broker: Lee & Associates
Total space: 53,133 sq. ft.
Price per square foot: $350
Year completed: 1998
Category: Office
Starting off the list of the most expensive listings of last month is this office property in Westlake Village. It is located right in the heart of the city, immediately adjacent to the building that houses both City Hall and Westlake Village Library. The main tenant (& building owner) is K-Swiss, which occupies over 35,000 square feet of office space.
4. CHATSWORTH: Office Building
20151 Nordhoff St., Chatsworth, CA 91311
$19.5 MILLION
CoStar
Listing Broker: CBRE
Total space: 73,595 sq. ft.
Price per square foot: $265
Year completed: 1966, renovated 2006
Category: Office
This Chatsworth office building is leased 100% to the city of LA’s Department of Child and Family Services through 2025. According to the listing, properties with long-term government lessees are in strong demand.
3. REDONDO BEACH: linq
2400 Marine Ave., Redondo Beach, CA 90278
$20 MILLION
CoStar
Listing Broker: JLL
Total space: 50,000 sq. ft.
Price per square foot: $400
Year completed: 1964, renovated 2016
Category: Creative Office
This creative office building was on our list of October’s most expensive listings, previously being listed for $22.25 million. It was relisted in January by the same brokerage company at a reduced price of $20 million. Current tenants include Amazon and Uber.
2. SHERMAN OAKS: TYG Manor
15009 Moorpark St., Sherman Oaks, CA 91403
$20.8 MILLION
CoStar
Listing Broker: Marcus & Millichap
Total space: 42,453 sq. ft.
Price per square foot: $488.78
Year completed: 1984
Category: Multifamily
TYG Manor is a 45 unit multifamily complex in Sherman Oaks. It is situated in a convenient location, blocks away from the 405 & 101 freeways, and within walking distance to the Sherman Oaks Galleria, restaurants, stores and office buildings.
1. LA VERNE: La Verne Courtyard
2204-2278 Foothill Blvd., La Verne, CA 91750
$24.8 MILLION
CoStar
Listing Broker: Hanley Investment Group
Total space: 74,368 sq. ft.
Price per square foot: $333.48
Year completed: 2001
Category: Retail (Neighborhood Center)
The most expensive CRE property listed in January is a retail center anchored by ALDI grocery store (owner of Trader Joe’s) & Orchard Supply Hardware. Other tenants include Jersey Mike’s Subs, Pizza Hut & Rubio’s. La Verne is a city near the eastern border of Los Angeles County.
California has recently enacted Assembly Bill 2992 (AB2992) in September, a new law that significantly impacts real estate transactions in the state. This legislation, sponsored by the California Association of Realtors (CAR), now mandates buyer representation agreements, with specific implications for the commercial sector. In November, new amendments have also been made to the bill and here’s what you need to know.