LOS ANGELES-Ness Holdings has acquired two new properties as part of an expansion of its Southern California portfolio. The first is a six-tenant retail space on Beverly Boulevard in Mid-City near the Grove and the ever-popular Terroni Restaurant. that was purchased for $6.2 million.
“We immediately saw this as a great opportunity to add value by instituting a comprehensive renovation and repositioning program,” says Ness Holdings director, Daniel Mense about the retail acquisition. The property's tenants are currently leasing space on a month-to-month basis. “With Terroni [Restaurant] as our anchor, we believe we'll be able to attract more appropriate tenants that better serve this market's needs.”
Mid-City has seen some notable activity recently in the retail sector with Midtown Shopping Center Associates acquiring the land under its property and two neighboring properties for $42.2 million. Then in July, the mega shopping center La Cienega Plaza refinanced for $61 million.
Ness Holdings' second acquisition was the $1.95-million cash purchase of a 14-unit multifamily property in Los Feliz. The firm competed with 15 other buyers for the sale in the “trendy and burgeoning neighborhood,” according to Steven Taylor, president and founder of Ness Holdings. To beat out competition, the firm entered escrow non-contingent and completed the purchase in five days.
“Our underlying strategy for this property was pretty straight forward which allowed us to aggressively pursue this deal,” says Taylor. “We have plans to implement an extensive renovation/rehab program to improve the curb appeal and units in order to attract the demographic this area commands.”
It isn't surprising the property had over a dozen offers with interest in the neighborhood picking up momentum. In July, GlobeSt.com reported that Champion Real Estate Co. purchased the Zwebell Casa Laguna property in the Los Feliz neighborhood, and the Hollywood Economic Development Summit 2013 showed an influx of tech companies moving into the Hollywood area, a movement dubbed Silicon Strip, to attract young and creative professionals living in the Los Feliz neighborhood.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kelsi Maree Borland
