A management and investment firm in another state recently paid more than $17 million for a creative office facility in California. The building is located in the Redondo Beach area, not far from Los Angeles. The seller, which offered commercial leases at the property, received a generous profit from this sale.
The seller, based in Santa Monica, acquired the office site a couple of years ago, paying $9.6 million for it. Thus, it took home a profit of $7.4 million after the recent sale. The 50,000-square-foot industrial building, called LINQ, has been redesigned and features an expansive deck that is Wi-Fi enabled. It also has glass sliding doors along with common areas that offer outdoor seating.
Eighty percent of the building is currently being leased to Uber and Amazon. Uber signed a lease for space spanning 10,000 square feet in July 2016. Meanwhile, Amazon leased industrial space spanning 20,000 square feet as well as office space spanning 10,000 square feet. The year 2020 is the expiration date for the electronic commerce giant. The company that bought the property also purchased three properties for more than $20.9 million in Southern California earlier this year.
Purchasing commercial properties and offering commercial leases through them can be an exciting endeavor for any real estate investor. Likewise, being able to sell a commercial property and make a profit can understandably be thrilling. However, these processes can also be complicated, and a single mistake may make reaching one’s goals impossible. A savvy attorney in Los Angeles can help to ensure that one’s unique commercial real estate goals are achieved from start to finish in the Golden State.
Source: therealdeal.com, “EverWest nabs creative office — home to Uber and Amazon — in Redondo Beach“, Natalie Hoberman, Dec. 5, 2017