The Hirth Group Close $29.3M Retail Sale In Venice, CA

1327 & 1337 Abbot Kinney Boulevard, a Trophy Asset in Prime Venice, CA, recently sold for a price of $29,300,000. The property consists of ten retail storefronts, with a total building size of approximately 10,828 square feet on a 13,448 square feet lot. Situated in one of California's most prestigious streets, the asset boasts a strong tenancy with 100% occupancy, offering an ideal unit mix for potential buyers.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $29,300,000
• Market: Venice, CA
• Square Footage: 10,828 SF
• Price per Square Foot: $2,706
• CAP Rate: 7.26%
• Buyer's Rep: Daniel Hirth & Alex Reyhan - The Hirth Group
• Seller's Rep: Jason Froehlich & Peter Hernandez - Douglas Elliman; Michael Hernandez - Real Investments
• Buyer's Financing: 60% LTV at 6.06% for 3 years fixed with interest only payments

During the transaction, an unexpected vacancy arose, adding complexity to the financing of the property. However, the brokers collaborated effectively to negotiate a new lease with a national credit tenant, resulting in a significant increase in rent for the vacant unit. The Hirth Group played a crucial role in assisting the buyer to secure financing for the acquisition, ensuring a smooth and successful deal.