1427-1429 Abbot Kinney Blvd
Venice, CA 90291
Gjelina - Abbot Kinney · Retail Property For Sale

CBRE is pleased to offer the sale of a trophy single tenant double-net restaurant property in the heart of Abbot Kinney. The building is located at 1427 Abbot Kinney Boulevard in Venice and the tenant, Gjelina, has over five years left on their lease. They have one six-year option at the fair market value rent, followed by a conditional five-year option at the fair market value rent. There are also three percent annual increases throughout the term of the lease and options. Gjelina has been a tenant since 2009 and is currently paying a conservative rent compared to the $15 average rent per foot, per month, for the street. This is a fee simple double-net lease, where the tenant is responsible for the taxes, insurance, and maintenance. The landlord is responsible for the roof & structure. The gross leasable area is approximately 6,121 square feet, with a majority of the space being on the ground floor. The dine-in restaurant consists of approximately 3,029 square feet of interior restaurant space, along with a 665-square foot enclosed outdoor patio and a 195-squarefoot trash area. Gjelina Take Away (GTA), the to-go portion of Gjelina, occupies approximately 912 square feet. There is also a 1,060-square foot apartment on the second floor and a 260 square-foot garage on the ground floor level. The apartment upstairs has a large deck overlooking Abbot Kinney. 1427 Abbot Kinney is on a large 5,241 square foot (0.12 Acres) corner lot with 55 feet of frontage on Abbot Kinney Boulevard and 87 feet of frontage on Milwood Avenue. The property is also visible to approximately 19,647 vehicles per day, which doesn’t include the massive amount of foot traffic. The Walk Score® for the area is 91, which is a walker’s paradise and daily errands do not require a car. Gjelina is well positioned on the street and is on one of the most traveled blocks of Abbot Kinney Boulevard. The street is home to tenants such as Adidas, Vince, Toms, Rag & Bone, Suit Supply, Margaret Oleary, Wabi Sabi, Lemonade, Greenleaf, and The Tasting Kitchen, to name a few.