Agha Mehrdad Acquires Mixed-Use Property At 1501 Main Street Venice For $8.9M

This mixed-use property located at 1501 Main Street, Venice, CA 90291, was sold for $8,900,000. The asset comprises a total square footage of 13,582 and is situated on a 16,379 square foot lot. It features a combination of 6 retail storefronts and 7 office suites, all under NNN leases, alongside ample rear parking, a valued characteristic in the Venice market.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $8,900,000
• Buyer's Name: Agha Mehrdad
• Seller's Name: Berns Perl
• Buyer's Representative: Alex Reyhan & Daniel Hirth - The Hirth Group
• Square Footage: 13,582
• Price Per Square Foot: $655
• Market: Venice

Representing the buyer, Alex Reyhan and Daniel Hirth from The Hirth Group successfully facilitated the acquisition, ensuring the deal met the buyer's 1031 exchange requirements. The transaction opens up a 20% value-add opportunity for the buyer from imminent lease renewals, projecting a rise in CAP rate from 6.43% to 8.14%. Financing was secured at nearly 60% LTV at 5.75% for a term of 5 years, positioning the buyer favorably for long-term investment gains.