The price was not disclosed by Jones Lang LaSalle Inc., but CoStar Group Inc. records indicate it sold for $10 million.
The sellers were institutional investors advised by J.P. Morgan Asset Management.
The retail component of the 158-unit condominium project is 100% leased. Its tenants include Herringbone restaurant, Starbucks Corp. and BoxUnion. Located at 1705 and 1755 Ocean Ave., the retail spaces span 19,708 square feet and were built in 2014.
“Waverly and Seychelle is irreplaceable real estate with high barriers to entry. We appreciated the opportunity to continue building our relationship with JLL with another purchase and financing under our belt,” Raymond Levy, Unilev Capital’s co-founder and managing principal, said in a statement.
The JLL team of Bryan Ley, Tony Ensbury and Tim Kuruzar represented the seller. JLL’s Jeff Sause led the financing for the acquisition.
“Waverly and Seychelle has strong demand drivers of daily needs tenancy with food, coffee, and health and wellness, and shows the continued demand of capital for high-quality retail assets in coastal cities,” Ley said in a statement.
Despite the Covid-19 pandemic’s negative affect on brick-and-mortar retail, there has been some activity around Los Angeles County lately.
In May, the Beverly Hills location of a Saks Fifth Avenue department store near Rodeo Drive received a $20 million, 25-year loan to recapitalize.
And in April, Arc Capital Partners and Belay Investment Group purchased two retail buildings in West Hollywood from ASB Capital Management for $20.6 million.
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