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Optimus Properties Purchases Multifamily Asset In Los Angeles From Jung Joo Suh And Frank Oh For $9.6M

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SOLD
$9,600,000

California

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MultiFamily19,404 SF
Sold 09/12/2024
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Property Image
SOLD

Optimus Properties Purchases Multifamily Asset In Los Angeles From Jung Joo Suh And Frank Oh For $9.6M

5214 West Sunset Boulevard

See Similar Deals
MultiFamily19,404 SF
Sold 09/12/2024
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$494
Total Square Footage:19,404 SF
Transaction Type:Sale

A multifamily asset located at 5214 West Sunset Boulevard in the Los Angeles market has been sold for $9,600,000. The property spans 19,404 square feet, translating to a price per square foot of $494. This building is situated on a nearly one-acre parcel of C2-1D zoned land and is part of a TOC Tier 3 community.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $9,600,000
  • Square Footage: 19,404
  • Price Per Square Foot: $494
  • Buyer: Optimus Properties - Joseph & Kamyar Shabani
  • Seller: Jung Joo Suh, Frank Oh, Thomas Oh
  • Broker: Oron Maher - Maher Commercial Realty

Oron Maher from Maher Commercial Realty represented both the buyer and the seller in this transaction. The sale was facilitated through a strategic "call for offers" campaign that attracted over ten competitive offers, showcasing the property’s potential despite its approximately 50% vacancy rate and various tenant challenges. During the escrow period, Maher successfully addressed environmental concerns and navigated legal complexities related to neighboring bankruptcy issues, ensuring a smooth close despite economic shifts.

Players

Oron Maher
Maher Commercial Realty
Oron Maher
31 deals$159.1M volume(415) 378-5464
BROKER

Details

SOLD
IMAGE: Joseph Shabani, Kamyar Shabani & Oron Maher DATE: 09/12/2024 ADDRESS: 5214 West Sunset Boulevard MARKET: Los Angeles ASSET TYPE: Multifamily BUYER: Optimus Properties (@OptimusPropertiesLLC) - Joseph & Kamyar Shabani SELLER: Jung Joo Suh, Frank Oh, Thomas Oh BROKER: Oron Maher (@OronMaherrealestate) - Maher Commercial Realty (@MaherCommercial) SALE PRICE: $9,600,000 SF: 19,404 ~ PPSF: $494 NOTE FROM BROKER: Maher Commercial Realty is thrilled to announce the sale of a 19,404 Sq.Ft. value-add retail building on a nearly one-acre parcel of C2-1D zoned land, located in a TOC Tier 3 community. Representing both buyer and seller, we orchestrated a highly strategic "call for offers" campaign, resulting in over ten competitive offers. Strategic Call for Offers: Our tailored approach generated significant interest from qualified buyers, demonstrating the building's potential. Tenant Challenges: Despite the property being approximately 50% vacant, with tenants on month-to-month leases and several leases expiring during escrow, we worked to address tenant concerns and ensure the deal remained on track. Environmental and Legal Complexities: The property faced environmental issues that required coordination with environmental consultants. Neighboring Bankruptcy Issue: During escrow, the 99 Cent Only outparcel entered bankruptcy. We successfully navigated the legal and financial implications, preventing any disruption to the sale. Economic Shifts: Throughout the escrow process, we adapted to changing economic factors, safeguarding the interests of all parties to ensure a successful close. Located in the Thai Town neighborhood of Hollywood and within the Subarea B of the Vermont/Western Station Neighborhood Area Plan, this retail center offered a prime investment opportunity.

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