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.