Silver Lake Restaurant Cluster Sells for $13.3 MillionFriday, January 27, 2017
A prime dining corner of Silver Lake has sold for $13.3 million, putting its value at a solid $1,267 a square foot.
Philip Voorhees, an executive vice president at CBRE who represented both buyer and seller, said the price for the three restaurant spaces on Sunset Boulevard is likely a high mark for the neighborhood.
“It’s a product of the rents the tenants are paying and the lower capitalization rate,” Voorhees said. “Kettle Black, Sawyer, and El Condor, they’re all thriving at the property.”
He declined to provide lease terms, but said monthly rents in the area range from $4 to $7 a square foot.
Seller 9 Mile Investments of Pacific Palisades purchased the sites in 2012 and spent more than $2.3 million on renovations, which were completed last year. El Condor replaced longtime tenant El Conquistador in 2014, while Sawyer opened next door in May 2016.
Kettle Black followed in August. They comprise 10,497 square feet.
The buyer, a subsidiary of Strategic Realty Trust Inc. of San Mateo, was drawn to the area’s population density and youthful demographic, according to Voorhees.
Real estate reporter Daina Beth Solomon can be reached at firstname.lastname@example.org. Follow her on Twitter @dainabethcita for the latest in L.A. real estate news.