VENICE, CALIFORNIA – February 23, 2018: Madison Partners has arranged the sale of 62-66 Windward Avenue, a retail and creative office building located in Venice, California. Situated just steps from the beach and the world-renowned Venice Boardwalk, the property consists of a two-story, 7,700 square foot commercial building with street-level retail space and creative office space on the second level. Bob Safai, Matt Case, and Brad Schlaak brokered the off-market transaction on behalf of the seller, Windward Venice, LLC, which sold the property to Windward Avenue Properties, LLC, an affiliate of Optimus Properties, LLC, a Southern California-based investment, development and management firm. The property sold for $5.5 million, or $714 per square foot. “We are excited to add this property to our portfolio of trophy assets located in high street retail locations, and look forward to re-positioning the property with much-needed updates and improvements in the months ahead,” commented Joseph Shabani and Kamyar Shabani, principals of Optimus Properties.
Originally constructed in 1922, the property features a street-level portico with three retail units and a creative office unit on the second level. The second level space includes a spacious rooftop deck, a coveted amenity in this market. Commercial space in this area is consistently in high demand, given Venice Beach’s longstanding appeal as an artistic district, as well as the extreme barriers to entry for new construction, strong market fundamentals, and outstanding surrounding demographics.
The property’s Venice Beach location places it in one of the most vibrant commercial and residential markets in the Western U.S. In addition to Venice’s longtime charm as a creative community and entertainment destination, Venice is home to a growing base of burgeoning technology and media companies including Snapchat, Creators Media, Signal Sciences, StackCommerce, Pinwheel, Zefr, CargoMatic, Sensay, System1, and many other leading technology, new media, and venture capital firms. Bolstered by its proximity to some of the most affluent residential and commercial communities in Los Angeles, Venice Beach has historically been one of the most stable and high-performing submarkets throughout the region.
Phone: (310) 820-5959
Facsimilie: (310) 826-3410
Contact: Bob Safai