320 Lincoln Boulevard, Venice Beach
Closed in February of 2015, 320 Lincoln Boulevard (“Lincoln”) was a co-sponsor equity investment in the redevelopment of a 25,000 SF commercial (retail and office) property located in Venice Beach, CA. Lincoln was a rare opportunity to acquire a critical mass along a major transit corridor in West Los Angeles. Venice is one of the most desirous submarkets on the West Coast for high-end office and retail tenants. Opportunity was to buy from a private unsophisticated seller and reposition an asset that had been under developed, managed and leased. Additionally, Lincoln possessed a 55-stall surface parking lot, which is an attractive ratio for the market.
Investment execution called for planning and executing a comprehensive renovation of the building façade, all common areas, retail and office suites as well as the parking lot. Additionally, the renovation process facilitated the ability to perfect the uses in the building and secure restaurant spaces, which would be attractive amenities to future office tenants. Post-renovation, the business plan was to lease renovated spaces to local and national tenants that desired to be in the submarket and were willing to pay rents commensurate with the upgraded building.
Lincoln renovation was completed in Q1 2017. All available retail spaces on the ground floor were pre-leased during the renovation.
Key Investment Stats
# of Units/Square Feet:
25,000 Square Feet
Venice Beach, CA
Latitude Real Estate
Arris Investments / Boulevard Partners