Berzack Completes Sale of Mixed-Use Land Site for 54 Apts.
- Nov 20, 2013
North Hollywood, Calif.—Berzack Investment Property Advisors, a multifamily specialty group of Lee & Associates-LA North/Ventura, transacted the sale of a development site entitled for 54 apartment units with retail and restaurant space at 12409 and 12425 Victory Boulevard in North Hollywood, according to Lee Principals Warren Berzack and Stephen Geiger, who represented the seller.
The site, which encompasses 35,753 square feet, sold for a total consideration of $3,125,000 to a private developer.
“The density approved by the city for this site made it highly desirable for developers,”’ Berzack said. “We were able to generate quite a lot of interest, and it sold very close to list price.”
The property is entitled for a five-story, mixed-use development comprised of 54 residential units, 6,900 square feet of retail space and 1,450 square feet of restaurant space. It is located close to the Hollywood (170) Freeway.
The seller was Victory Promenade LLC. The buyer, SiRRR, LLC, was represented by James Connor, DAUM.
Essex brokers sale of building in Evanston, Ill.
Chicago—Essex Realty Group Inc. announces the sale of 525 Kedzie Street Evanston, Ill. The building is a new construction, 20-unit, mixed-use apartment building originally built as upscale condominiums. The property is situated at the intersection of Kedzie Street and Chicago Avenue and is conveniently located steps to the Main Street Metra Rail Station and Purple Line “L” Stop.
The building features top-of –the-line finishes including chef’s kitchen, floor-to-ceiling windows, elevator, private balconies, penthouse units with terraces and 42 indoor heated garage parking spaces. The commercial space is leased to Budget and Avis Car & Truck Rental.
Jim Darrow and Jordan Gottlieb of Essex were the brokers in the transaction. The price was approximately $7.25 million.
Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.