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701 Ocean Front Walk

Stefan Ashkenazy Of Petit Ermitage Acquires Mixed-use Properties From Timan Khoubian For $30.7M
SOLDMixed-use

Stefan Ashkenazy Of Petit Ermitage Acquires Mixed-use Properties From Timan Khoubian For $30.7M

701 Ocean Front Walk

$30,700,000

$682/SF

Building Size

45,000 SF

Asset Type

Mixed-use

Closing

Oct 23, 2025

AI

The mixed-use property located at 619 and 701 Ocean Front Walk in Venice was sold for $30,700,000. This asset encompasses a total of 45,000 square feet and is comprised of 10 live-work lofts along with retail space. The transaction was supported by a $27 million loan from BrightSpire Capital.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $30,700,000
  • Buyer: Stefan Ashkenazy - Petit Ermitage
  • Seller: Timan Khoubian - DLJ Real Estate Capital Partners
  • Lender: BrightSpire Capital
  • Price Per Square Foot: $682

Stefan Ashkenazy is associated with the Petit Ermitage hotel in West Hollywood. Timan Khoubian represented DLJ Real Estate Capital Partners in this transaction, which involved the sale of former Snapchat hub buildings.

Players

Stefan Ashkenazy

Petit Ermitage

Buyer

$30.7M

vol

1 deal

Buyer
Petit Ermitage
Petit ErmitageBuyer
Timan Khoubian

Timan Khoubian

DLJ Real Estate Capital Partners

Seller

$30.7M

vol

1 deal

Seller
BrightSpire Capital
BrightSpire CapitalLender

Venice Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.52%

Cash-on-Cash

-0.15%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93