Hendricks & Partners Brokers $325.91/Ft. All-Cash Sale by Bank of Ocean Front Parking Lot for Condo Development

Hendricks & Partners participated in the sale of an ocean front site, located at 305-309 South Ocean Front Walk in Venice, Calif. The ocean front property sold for full price and closed all-cash in 16 business days.

Venice, Calif.–Hendricks & Partners participated in the sale of an ocean front site, located at 305-309 South Ocean Front Walk in Venice, Calif. The ocean front property sold for full price and closed all-cash in 16 business days.

The buyer purchased the site with plans and permits approved for five high-end condominiums and four retail spaces. The site, currently used as a parking lot, sold for $325.91 per foot, one of the highest cost-per-foot in many years in Venice, says Hendricks & Partners.

The seller was a California-based bank, and the buyer was Hero Finance Ltd. of Venice, Calif.

The transaction was negotiated on behalf of the seller by Brent Sprenkle and Robin D. Ossenbeck

of the West Los Angeles office of Hendricks & Partners, which was able to close the quickest all-cash list price sale in the bank’s history.

The property was listed Jan. 29, sold on Feb. 13, and closed all-cash on Feb. 22 with an outside broker.