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Beachfront Portfolio Lists for $25M

VENICE, CA-GlobeSt.com learns exclusively that an unnamed seller has listed a four-property portfolio here, adding to the spate of activity in the Venice region.

By Carrie Rossenfeld | Updated on November 13, 2012

VENICE, CA-GlobeSt.com has learned exclusively that a private California-based seller has listed a four-property portfolio in Venice Beach for an asking price of $25 million. The listing represents the recent increase of transactional activity in this burgeoning L.A. submarket.

The portfolio includes three mixed-use properties and one 19,000-square-foot parking/open-air retail lot for potential development. The properties are all located along the Venice Beach boardwalk and include 511 Ocean Front Walk, a three-story apartment building with ground-floor retail; 517 Ocean Front Walk, a two-parcel complex known as the Gingerbread Court, consisting of seven buildings containing ground-floor retail and second-floor office space; 523 Ocean Front Walk, also known as the Blu House, a beach bungalow with coastal and city permits for a variety of uses including residential, restaurant and retail; and 601 Ocean Front Walk, a commercially zoned vacant parcel totaling approximately 19,800 square feet, with current coastal entitlements in place for a mixed-use food court/retail building. The latter property is currently being used as a parking lot with open-air retail on the boardwalk.

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