Tung Family Trust Acquires Mixed-Use Property In Los Angeles For $6.4M

The mixed-use property located at 4473-4481 Santa Monica Blvd & 1110-1114 N. Virgil Avenue in Los Angeles, CA has been sold in a transaction.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $6,400,000
• Address: 4473-4481 Santa Monica Blvd & 1110-1114 N. Virgil Avenue
• Market: Los Angeles, CA

The buyer of the property is the Tung Family Trust, while the seller is the Lee Family Trust. Representing the buyer in the deal were Nick Fichera and Aaron Tung from Figure 8 Realty. On the other hand, the seller was represented by Oron Maher and Jeremy Shore from Maher Commercial Realty.

The property was sold at a sale price of $6,400,000, which is 98% of the asking price of $6,500,000. The property spans a total of 12,662 square feet, resulting in a price per square foot value of $505. It is worth noting that this sale was a result of a 1031 exchange by a locally based family office, indicating the strategic nature of the transaction.

Prior to the sale, Maher Commercial Realty successfully stabilized the property by filling two retail vacancies with established internet resistant tenants. This action increased the appeal of the property to potential buyers, allowing them to focus on adding value to the multifamily portion of the property in an uncertain leasing environment caused by the COVID pandemic.