My Venice Real Estate Deals and Silicon Beach News
My name is Jim Abbott and I am a commercial real estate broker in Venice with Realty Advisory Group, Inc. Come take a look at some of the real estate deals on Abbot Kinney Blvd. I have sold and leased as well as some cool hot spots and art to enjoy in Venice.
This was the barrier to entry for Realty Advisory Group on Abbot Kinney. The property sold in 2013 shortly after Abbot Kinney was dubbed "The Coolest Block in America" by GQ Magazine. One of the owners lived in the house and ran Venice Magazine out of the back house.
The creative new owner is great and has created THE BEACH HOUSE with a few partners. The new owner removed the floor and was able to bring the property down to street level resulting in a higher first floor ceiling and cool tv monitors in the floor. The old Venice Magazine Headquarters is now occupied by an Ice Cream shop that opens to the shared courtyard with the retail portion.
1043 Abbot Kinney was the window of opportunity for Realty Advisory Group, Inc. to break into the very hot Venice / Abbot Kinney Blvd. real estate market.
This property closed the last week of December in 2014 and was purchased by the neighbor. Realty Advisory Group, Inc. represented the Church (Seller) in this transaction and also represented the seller for the neighboring property sale in 2013 as well.
The church will remain as a tenant for the next two years as a sale leaseback with a rate that is tremendously below market. Realty Advisory Group, Inc. represented the church in the transaction and has secured a replacement church closer to the home of the majority of parishioners. No plans yet from the new owner for the church's property post move.
Realty Advisory Group, Inc. and AbbottonAbbotKinney secured this listing in 2014, the largest listing in Venice. The two parcels are compromised of:
+/- 90,000 SF of land with a 47,000 SF 55-Unit Multi-Tenant Office Park. The potential for this property is endless.
There have been all sorts of intersted parties from Retail Center uses, residential developers, Mixed-Use Developers, Hotel Developers, and many of the Highest names in tech as their Silicon Beach Head Quarters. By May 2015, they tenant/buyer will be selected!
Up to date Real Estate news in Venice and Silicon Beach.
It is unfortunate that the earlier LA Times report of Snapchat's @Snapchat move to our listing, 606 Venice Blvd. & 1800 Abbot Kinney Blvd., painted Snapchat in a negative light. If it is not Snapchat as the tenant, there are a multitude of other interested parties that would not bring the same amount of jobs to the city and would contribute to even more traffic.
Below this photo is Snapchat's other location on Ocean Front Walk at the Thornton Lofts. Rumor has it there is more movement down there as well by @Snapchat.
There is more to come in this story and I hope Paresh Dave@peard33 from the LA Times @latimes will write an article 2.0 with some more information.
Here is the Abbot Kinney street view of the Abbot Kinney Hotel Project which will include a 4,000 SF communal outdoor space surrounded by the hotel lobby, restaurant and bar, creative office and Primitivo, an existing restaurant.
Realty Advisory Group, Inc. sold the two properties in the heart of the project to a different buyer because they were able to secure a higher price than the Hotel Developer was willing to pay.
The man who brought us ‘The Matrix,’ ‘Lethal Weapon’ and ‘Predator,’ Joel Silver, will need to wait on his future headquarters for Silver Pictures as the project has been stalled due to multiple design changes, unpaid bills and taxes that are past due, interviews and public filings show. Take a look at the article for more info: Variety - Silver Productions at Venice Post Office
It is unfortunate that the earlier LA Times report of Snapchat's @Snapchat move to our listing, 606 Venice Blvd. & 1800 Abbot Kinney Blvd., painted Snapchat in a negative light. If it is not Snapchat as the tenant, there are a multitude of other interested parties that would not bring the same amount of jobs to the city and would contribute to even more traffic.
Below this photo is Snapchat's other location on Ocean Front Walk at the Thornton Lofts. Rumor has it there is more movement down there as well by @Snapchat.
There is more to come in this story and I hope Paresh Dave@peard33 from the LA Times @latimes will write an article 2.0 with some more information.
Snapchat leased 25,000 SF + here end of 2014. The price per square foot was north of $5.00/SF NNN. Rumors have it that the deal was for 3 years.
