Historical Retail Sale Listing - SALE AT UPB! LA FACE RETAIL CONDO ALL OR ONE SALE

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SALE AT UPB! LA FACE RETAIL CONDO ALL OR ONE SALE

1458 S South San Pedro, Los Angeles, CA 90015

N/A

8,157 SF | Retail

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Exterior LA Face

Retail Property - Off Market

Price:
N/A
Gross Leasable Area:
8,157 SF
Property Type:
Retail
Property Sub-type:
Theme/ Festival Center
Property Use Type:
Vacant/Owner-User
Distressed:
Yes
Commission Split:
2%
No. Stories:
3
Year Built:
2008
Lot Size:
1.07 SF
APN / Parcel ID:
Multiple
Listing ID
17320906
Last Updated
153 days ago

Highlights

  • Buy all or 1 ! Owner User or 100% Leased (or Owner User Opportunity)
  • 4 ( of 6) Leased Mixed-Use Office/Retail or Showroom Condominiums Remain
  • Attractive Pricing Offered at 50% discount to Original Purchase in 2009 | Year Built: 2008/Opened 2009
  • Upside Investment for single owner user, investor or partial owner user/investment strategy
  • Superior Fashion District Business Presence Opportunity | SBA Available
  • 232 PSF Range Sale. Sold for $380 - 500 PSF in 2009 New Construction Opened

Description

NOTE 251 and 254 NO W IN ESCROW -- Located in the LA FACE Fashion Mart at 1458 South San Pedro Street, CA 90291 The property was completed in 4rth quarter 2008 and opened formally for occupancy in 2009. The offering is comprised of 6 office/retail mixed use condominium units located through out the complex on 3 separate floors in this newly built LA FACE fashion district showcase building. The commercial units are zoned and used for Office, Retail,Showcase use in primarily the fashion industry. L.A. FACE is the largest commercial development in the Fashion District in the last decade a $130 million project built by the Crestpoint Group, Inc a location focuses on men' s and women' s contemporary, budget conscious fashions, a category that represents the largest piece of the garment industry market. The 205 unit building originally sold and marketed the showrooms range from about 1,000-2,000+ sf at prices from $800,000-$1,200,000. LA FACE is over 90% leased in its entirety. The 6 unit portfolio offering is being sold at a significant discount of approx. 232 PSF for all or $240 to $251 PSF or 40% of the original purchase price. Purchase & Exit $400 PSF+ Over Time.

The subject owner/user and/or investor opportunity consists of 8,157 square feet of space in 6 separate retail/office/showrooms condominiums. The lot size of the 205 unit building is large with ample parking and located just off the I-10 Freeway and San Pedro is the Southern area of the LA Fashion District with high visibility and excellent ingress and egress. 100% leased at current market rates and can be available in partial at closing for the month to month leased sites and the entire portfolio in 12 months time for a larger company presence who wishes on tenant the portfolio as an owner user. At present all 6 commercial condominiums within the portfolio sale are being offered at 35%-50% of the original purchase price allowing a profitable exit strategy for an investor on the 100% leased properties as the market recovers to previous levels and well as offering significant upside in rents over time. For a single owner user SBA financing maybe available on a per unit or bulk basis creating significant upside for a company wanting to make large presence in the market center by utilizing all 6 units.

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Created 9/6/2011