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Michael Shabani Acquires Retail Property In West Hollywood For $19.2M

Property Image
SOLD
$19,200,000
Geoff Tranchina
Tim Kuruzar
MS

California

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Retail3,275 SF
Sold 04/15/2022
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Property Image
SOLD

Michael Shabani Acquires Retail Property In West Hollywood For $19.2M

8379 Melrose Avenue, West Hollywood, California 90069, United States

See Similar Deals
Retail3,275 SF
Sold 04/15/2022
Geoff Tranchina
Tim Kuruzar
MS
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$5,862
Total Square Footage:3,275 SF
Transaction Type:Sale

8379 Melrose Ave. in West Hollywood has been sold for a price of $19,200,000. The property is a retail asset with a total square footage of 3,275. The sale price per square foot is $5,862. The transaction took place on April 15, 2022.

Summary of transation details:

  • Property Type: Retail
  • Transaction Amount: $19,200,000
  • Address: 8379 Melrose Ave.
  • Market: West Hollywood
  • Square Footage: 3,275

The buyer for this transaction is Michael Shabani, while the seller is Sterling Organization. The deal was facilitated by Geoff Tranchina and Tim Kuruzar from JLL.

Players

Tim Kuruzar
NorthMarq
Tim Kuruzar
13 deals$280.7M volume(424) 401-9203
BROKER
Geoff Tranchina
JLL
Geoff Tranchina
47 deals$2.2B volume
BROKER
Sterling Organization
Sterling Organization
BROKERAGE
MS
Michael Shabani
3 deals$40.7M volume
BUYER
Sterling Organization
Sterling Organization
SELLER

Details

SOLD
IMAGE: Geoff Tranchina & Tim Kuruzar DATE: 04/15/2022 ADDRESS: 8379 Melrose Ave. MARKET: West Hollywood ASSET TYPE: Retail BUYER: Michael Shabani SELLER: Sterling Organization BROKERS: Geoff Tranchina & Tim Kuruzar - JLL (@Jll) (@Jll_USA) SALE PRICE: $19,200,000 SF: 3,275 ~ PPSF: $5,862

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,024,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$68,213.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$91,017.80
Annual Debt Service$1,092,213.54