Thursday, January 26, 2017

CBRE's Philip D. Voorhees and NRP-West Team Complete $13.30 Million Silver Lake Collection Sale

Megan Wood

LOS ANGELES, CA, Jan. 26, 2017 –  CBRE Executive Vice President Philip D. Voorhees announced today that he and his National Retail Partners – West (NRP-West) team completed the sale of Silver Lake Collection, 10,497 square-feet of urban street-front in the Silver Lake enclave in the city of Los Angeles, Calif.

Situated in “Sunset Junction,” the property is 100% leased to three contemporary restaurant and beverage tenants. The sale price was $13.30 million.

Phillip D. Voorhees

CBRE’s retail investment experts Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Matt Burson, Jimmy Slusher and John Read, represented the seller, 9 Mile Investments, a Los Angeles-based real estate development company.

The buyer, also represented by CBRE’s NRP-West, was a subsidiary of Strategic Realty Trust, Inc., a San Mateo-based real estate investment trust who acquired the Silver Lake Collection as an addition to its portfolio of urban, street retail properties.

Silver Lake Collection, Silver Lake District, Los Angeles, CA

According to Voorhees, the CBRE team’s marketing system distributed more than 464 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated nine offers to purchase the property."Conventional, street-front retail projects like The Silver Lake Collection have long been a favorite for our team.

 The property’s high-performing restaurants not only anchor the project but the neighborhood, making the property an integral part of the community," said Voorhees.

Todd Goodman
"Silver Lake emerged as among the hottest neighborhoods in LA over the past two to three years, and rental rates have followed,” Voorhees noted. “By all indications, popular restaurants Sawyer, Kettle Black and El Condor thrive at this property.

”CBRE expects The Silver Lake Collections’ high-water $1,300 per-square-foot sale price will feel like a value for this sort of one-of-a-kind asset and location in Silver Lake over the next several years."

Originally built in 1934 and 1940, the building was remodeled in 2016 with a total tenant and landlord cost exceeding $2.55 million and consists of two parcels on a 0.36-acre site along Sunset Blvd., which is one of the trade area’s primary arterials. The property was 100% occupied at the time of the sale.

In 2015, the NRP-West team, formerly known as National Retail Investment Group - West (NRIG-West), was CBRE’s #1 retail investment team nationally with a total transaction volume exceeding $940 million in 63 transactions, encompassing 88 properties, totaling more than four million square feet in size.

With this closing, CBRE's NRP-West team has closed 205 transactions since the start of 2012 for a total consideration of $3.7 billion. In total, the NRP-West team has listed and sold more than $9.7 billion in retail transactions.

For a complete copy of the company’s news release, please contact:

Anne Monaghan                                  
Monaghan Communications                                                                                    


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