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SALE PRICE: $29,300,000

 

GENERATIONAL ACQUISITION​

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Alex Reyhan and Daniel Hirth of The Hirth Group are pleased to announce the successful closing of 1327-1337 Abbot Kinney Boulevard, Venice, CA!  The Hirth Group played the role of representing the Buyer in this transaction, a valued client going through a 1031 exchange, seeking a trophy retail asset, with a strong return, A+ location and a value-add component.  Throughout the process Alex Reyhan and Daniel Hirth, collaborated with our client to ensure a timely exchange and pinpointing the ideal property that met the Buyer's criteria.
 
1327 - 1337 Abbot Kinney Boulevard, located in the most pristine, prestige and reputable streets in California, consisted of two parcels, spanning a total of Ten (10) retail storefronts. The subject property comprises of approximately 10,828 SF of building on 13,448 SF lot.  Alex Reyhan and Daniel Hirth overcame many hurdles, including an unexpected vacancy during escrow, which added complexity to the financing of the property.  Due to the unforeseen vacancy, The Hirth Group stepped up and negotiated a new lease with a national credit tenant, resulting in an increase of nearly double the rent for the vacant unit. Additionally, Alex Reyhan and Daniel Hirth were able to hold seller responsible for all leasing costs; including leasing commission, tenant improvements, and rent abatements, crediting the Buyer $200,000 for the lease! The Hirth Group was able to assist our buyer to obtain financing for 60% LTV at 6.06% for 3-year fixed with interest only payments.
 
The Hirth Group takes pride in helping their clients in an advisory role.  Adding value to our clients in all aspects of the transaction, from identifying opportunities, securing the deal, financing, all the while keeping the escrow process smooth and seamless.  Throughout the process, Alex Reyhan and Daniel Hirth partnered with the buyer, offering support in underwriting, strategizing, and successfully navigating through escrow to complete the transaction.

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