Berkadia and CBRE announced today the sale of the Prime Brentwood Development,a choiceinfill 22,450-sq.ft.corner site on Wilshire Boulevard in prime Brentwood, California. Managing Director Adrienne Barr of Berkadia and Jeff Pion of CBRE led the transaction on behalf of the Los Angeles-based seller.
The site sold in a private transaction that culminated a highly targetedmarketing process that generated multiple offers.
“Rents in the area are exceeding $4 per square foot. The average household income is over $150,000 and the average housing value is over $1.7 million,” said Barr. “Developers were attracted to the strong fundamentals in the area andthe walkableBrentwood location. The site boasts a Walk Score of 91, a ‘Walker’s Paradise’.”
The buyer is an experienced investor and developer with multiple residential and hospitality holdings in Florida expanding into select high-barrier-to-entry markets.Plans are to develop top-quality residential lofts for rent with a curated assembly of retail uses at ground level. Units will be offered at a range of rents that will be attractive to residents of multiple earning brackets.
“We will develop a beautiful boutique residential community that will bring happiness to everyone associated with it,and at the same time activate aprime corner on Wilshire Boulevard at the mid-point between Santa Monica and Beverly Hills,” said Srini Radha, president of Irvine-based Radha Real Estate USA.
Located at 11905 -11913 Wilshire Boulevard, the site is conveniently located near many employers, entertainment, dining and transportation. Current improvements include two parking lots, two restaurants and a retail space, all of which will be razed for the new development. Tom Spear and Patrick Lacey of Property Management Associates were instrumental in the transaction, including spearheading termination of the existing leases.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.