NorCal Investor Pays $8.4 Mil for Vacant Pacific Palisades Mixed-Use Property
A Sonoma, CA investor has acquired Sunset Pacifica, a vacant, six story mixed-used apartment building in Pacific Palisades, an affluent district of Los Angeles. The property, located at 17351 West Sunset Blvd, a few blocks west of Allenford Ave, was sold by US Bank for $8.4 mil. Sunset Pacifica was constructed in 1983 and includes 68.8k SF of gross building area. It is within walking distance to the very popular north LA County beaches and features views of the Pacific Ocean. Sunset Pacifica is also just minutes from Downtown Santa Monica.
Jones Lang LaSalle's West Coast Multifamily team of Vice Presidents Patrick Shiver and Javier Rivera represented US Bank in the transaction. The buyer, Nine Mile Investments, was represented by Clark Everitt and William Everitt of Investment Real Estate Associates. According to Shiver, "Nine Mile Investment will begin immediately on the build-out of 16 luxury apartment units and two commercial condominiums with completion planned for 12 to 24 months."
(Originally reported in RenTV on April 14, 2011)