LOS ANGELES –ASB Real Estate Investments has spent $39 million to purchase seven prime retail assets in Beverly Hills, Santa Monica and Venice.
The properties – totaling 23,150 square feet in single-story buildings located along Robertson Avenue in Beverly Hills, Abbot Kinney Boulevard in Venice, and Santa Monica's Main Street – were purchased on behalf of ASB's Allegiance Fund in a joint venture with Blatteis & Schnur, its Los Angeles-based operating partner for the investments. ASB's Allegiance Fund is a $2.1 billion core, open-end real estate fund investing in markets with attractive real estate fundamentals and in assets that have unique, competitive advantages to drive long-term tenant demand.
The acquisitions comprise:
131-133 North Robertson Boulevard in Beverly Hills, a 5,000-square-foot space, currently leased to two international store brands, Ted Baker and M·A·C Cosmetics, on one of the area's most fashionable retail corridors adjoining one of the country's most affluent neighborhoods.
Four buildings (1103, 1118-1126, 1201, and 1205 Abbot Kinney Boulevard) in Venice with 180 feet of street frontage are situated along “America's coolest block,” according to GQ Magazine. Built in the 1920s, they feature high ceilings with exposed brick and duct work suited to the Venice district's high fashion boutiques and upscale stores, which are frequented by tourists and locals attracted to the beachside neighborhood's art, culture and entertainment amenities.
Two properties at 2803 and 2929-2935 Main Street in Santa Monica showcase 100 feet of store fronts in one of the Los Angeles area's leading entertainment, restaurant and shopping venues near the Pacific Ocean and the rapidly expanding “Silicon Beach” technology district.
These vibrant assets are located among high-street retailers representing some of the industry's most dynamic and recognizable global fashion brands including Ralph Lauren, CHANEL, Tommy Hilfiger, Tory Burch, Michael Kors, Kitson, Intermix, BCBG Max Azria, and lululemon.
Robert Bellinger, president and CEO of ASB, said: “The Allegiance Fund continues to expand on its strategy to build its portfolio of high-street retail investments, located in the nation's best, high-demand retail corridors in the leading urban markets. ASB has made significant similar purchases in Manhattan, San Francisco and Chicago, and now we have made these outstanding Los Angeles acquisitions, which we believe should experience outsized revenue growth for our clients.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
