LOS ANGELES, CALIF. – (RealEstateRama) — CBRE Executive Vice President Philip D. Voorhees announced today that he and his National Retail Partners – West (NRP-West) team completed the sale of Silver Lake Collection, 10,497 square-feet of urban street-front in the Silver Lake enclave in the city of Los Angeles, Calif. Situated in “Sunset Junction,” the property is 100% leased to three contemporary restaurant and beverage tenants. The sale price was $13.30 million.
CBRE’s retail investment experts Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Matt Burson, Jimmy Slusher and John Read, represented the seller, 9 Mile Investments, a Los Angeles-based real estate development company. The buyer, also represented by CBRE’s NRP-West, was a subsidiary of Strategic Realty Trust, Inc., a San Mateo-based real estate investment trust who acquired the Silver Lake Collection as an addition to its portfolio of urban, street retail properties.
According to Voorhees, the CBRE team’s marketing system distributed more than 464 offering memoranda to investors and brokers, and through the team’s “managed bid” offer process, generated nine offers to purchase the property.”Conventional, street-front retail projects like The Silver Lake Collection have long been a favorite for our team. The property’s high-performing restaurants not only anchor the project but the neighborhood, making the property an integral part of the community,” said Voorhees.
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