“To find this particular off-market building at the right price and timing to accommodate Dunkel Brothers’ requirement took a lot of thought and research, since no obvious solution was available,” Stauff said. “With the industrial market experiencing very low vacancy and extremely limited purchase opportunities, we knew it was necessary to find a unique solution.”
The moving company plans to renovate the existing building to suit its needs.
Chuck Wilson of Colliers also represented the buyer in the deal.
The recently completed 19-unit multifamily property at 13365 W. Washington Blvd. in Venice, known as Landmark 19, was sold to a pair of undisclosed individual investors out of Beverly Hills who partnered on the purchase. They bought the 30,500-square-foot building from Canadian developer Bastion Development Corp., which had marketed the property for just shy of $18 million, or nearly $950,000 a unit.
Duncan Lemmon, president of brokerage Lee & Associates Los Angeles West Inc., represented the seller in the deal. He declined to comment on the sale price other than to say that Bastion did “very well.”
“We were happy with the result,” he said.
Bastion bought the property and got it entitled during the last housing boom. The property was originally conceived as condominiums, but when access to capital slowed during the recession, the developer opted to rent out the units.
Construction on the building was completed last year and all 19 two-bedroom units have since been leased. About 4,000 square feet of ground-floor retail space has also been fully leased to a branch for Chase Bank and fitness outfit Studio (MDR).
Lemmon said the buyers, who represented themselves in the deal and declined to disclose their names, expect to hold the property as a long-term investment.
Staff reporter Bethany Firnhaber can be reached at firstname.lastname@example.org or (323) 549-5225, ext. 235.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Mover of Space Shuttle Settles in for Long Haul
- Chinese Investors Pay Premium for Pasadena Office
- Canadian Developer Flips Venice Apts for $18 Million
- Bastion Betting Big on Culver City Emergence
- Property Pickup Pumps Up Pasadena’s Prospects
- Laurus Pays Top Dollar for Pasadena Office Property
- Koreatown Property Fuels Downtown Ambitions
- Former Star-News Building Turning the Page