Boulevard Partners and Arris Investments have plunked down $11.5 million for a 25,000-square-foot mixed-use building on Lincoln Boulevard at Rose Avenue in Venice.
The building, at 316-26 Lincoln, was just 30 percent leased at the time of sale. It will undergo a renovation of a couple of million dollars and be repositioned to cater to the area’s creative tenant market, according to Scott A. Ginsburg, Boulevard managing partner. He added that the new co-owners would aim for a retail tenant mix that will include “creative” shops, likely in food and coffee.
Included in the sale was an adjacent 55-stall surface parking lot.
The seller, a limited liability corporation formed by three investors, included Louis Magur, an attorney whose office is listed at the property. Magur did not return a call seeking comment. According to CoStar Group Inc., the sellers purchased the property in 1993 for $1.6 million.
CBRE’s Jeff Pion represented Boulevard and Arris in the purchase, and the co-owners have retained Industry Partners to handle leasing for the property. Sklar Kirsh advised the buyers on the purchase and acquisition financing, provided by Latitude Real Estate Investors.
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