Venice Beach Mixed-Use Building Sells for $11.5M

LOS ANGELES – A joint venture between BLVD Partners LLC and Arris Investments has acquired a 25,000-square-foot, mixed-use building in the Los Angeles submarket of Venice Beach for $11.5 million. The two-story building is located on Lincoln Boulevard at Rose Avenue. It is divided between retail and office space, with a 30 percent occupancy rate at the time of closing. The creative office space will be marketed by Industry Partners. The acquisition also included an adjacent 55-stall surface parking lot. CBRE’s Jeff Pion represented both the buyer and seller, a private partnership, in this transaction. Acquisition financing was provided by Latitude Real Estate Investors. Sklar Kirsh attorney Andrew Kirsh also advised the JV on the purchase and acquisition financing.