After it last sold in 2015, a vacant retail asset in Los Angeles’ Beverly Grove neighborhood has been placed back on the market. According to a property listing from Conroy Commercial, the retail sites total 11,458 square feet and are listed with a $15 million asking price, or approximately $1,309 per square foot.
Lauren Aboulafia and Seth Grossman of Conroy Commercial are marketing the parcels on behalf of the owner, Engelewood, Colo.-based Cadence Capital. According to public property records, Cadence Capital has owned it since 2015, at which point it bought the sites for a combined price of $9.6 million.
Consisting of two parcels located at 8001 and 8015 Beverly Boulevard, the retail asset was developed in 1948 and 1941 and sits on a 0.42-acre site. The sites total 7,457 and 4,001, respectively.
The site could serve various uses, according to the marketing brochure. Due to its zoning, the site could accommodate more than 80 units using transit oriented community incentives.
Situated within the Beverly Grove neighborhood, the site is within close proximity of various other retail properties, including high end shopping destinations The Grove and the Beverly Center. Additionally, the parcels are adjacent to a public parking lot
Overall, the neighborhood is home to 39,875 residents, with an average household income of $134,478 per year.
“Beverly Grove is also known for its popular shopping and dining destinations, including The Grove outdoor shopping center and the adjacent Farmers Market, which features a variety of food stalls and vendors. The neighborhood is also home to many trendy restaurants and bars, making it a popular destination for nightlife.” the property listing states.
