Retail Property on W. Pico to Make Way for Upscale Residential Project
- Jul 28, 2015
A retail property is set to be torn down and turned into a brand new residential community near the 10 freeway. Buyer Carthay Pacific recently completed the acquisition of a retail asset located on three lots at 6001 to 6011 W. Pico Blvd from an LLC for $3.17 million. The transaction was arranged by Charles Dunn Company representative Michel Hibbert, while the seller was advised by David Aschkenasy of Commercial Asset Group.
Offering 6,789 square feet of retail space, the property will be razed as a new residential complex is set to take shape in its place. Considering the two retail tenants that currently occupy the retail facility only have short-term leases, construction is projected to begin during the following 12 months. The brand new upscale rental community planned by Carthay Pacific is set to be completed within 36 months of the construction start date.
Set to total at least 42 high-end rental units, the new community will take shape on most of the 15,483-square-foot lot. According to Michel Hibbert, the “up-and-coming Pico Boulevard/Crescent Heights neighborhood is an excellent submarket for new development because of the lack of luxury housing options.”
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