$6,415,000 SOLD
IDEAL MIX OF OFFICE, RETAIL & INVESTMENT PROPERTIES
Kennedy Wilson and Rockhouse Properties LLC are proud to offer for sale a once-in-a-lifetime opportunity to acquire 3 important properties at Rockwell at PCH. Located on Sunset Blvd just one block from the ocean in Pacific Palisades, commercial units 101C and 102C comprise over 9,000 sq. ft. of the ultimate work/play space at the beach that could never again be replicated. Offered together in whole or in part, this rare assemblage will have broad appeal to owner/users, owner/operators and investors alike.Rockwell at PCH was masterfully redeveloped in 2013 by 9 Mile Investments. The mixed-use property features 16 high end residential condominiums and just two commercially-zoned condos on the ground floor. Both units are being offered for sale to the public for the very first time.
Unit 102C is offered subject to two short term leases with blue chip office tenants and partially furnished. Unit 101C has been owner occupied over the past few years and will be delivered vacant at COE, partially furnished with a small but important build-to-suit component.
The Most Exclusive Private Assemblage of live/work/play space in all of Los Angeles in a spectacular and iconic beachfront location…
COMMERCIAL CONDO HIGHLIGHTS
- Both Commercial suites have collectively benefitted from hundreds of thousands of dollars in custom high-end tenant improvements in just the past few years.
- Unit 102C is currently leased to two blue chip tenants short term. $14,225 a month gross rent in place with scheduled rent bumps over the next 2 years.
- Unit 101C is offered vacant as a fully improved and partially furnished spec suite ready for immediate occupancy by an owner/user or immediate leasing upside to a new tenant at current market rents.
- Incredibly broad usage rights: CC&R’s allow for Office, Retail & Gym across the entire ground floor from the private ocean view offices in 102 on one side to the massive private walled and gated courtyard at the other.
- 15 Reserved parking spaces with exclusive rights to offer Valet parking and control additional community guest parking in the building; strategically located 100 sq. ft. private Valet office included with the space.
- Unlimited Business Opportunities for both owner/users and owner/operators:
- Private office, creative office, production office, family office.
- Co work space, event space, film location, artist’s gallery, recording studio.
- Private gym(1), private beach and social club, wellness spa, yoga retreat, beer/wine garden or just your own private sanctuary at the beach that has no equal.
- High visibility and valuable signage rights facing Sunset Blvd.
(1)The Courtyard is currently offered with a collection of world-class branded fitness equipment, included in the purchase.
Value Add Opportunities: Infra Structure and parking already in place to build out an additional 1,000 to 1500 sq. ft. of air-conditioned retail or office space in the courtyard. Plans, infrastructure and high end fixtures in place to build out 350 sq. ft. privately accessed dressing or treatment room and with ADA approved full bath.
Surrounded by over a billion dollars of new super high end residential and retail developments by some of the savviest and most successful names in town including Palisades Village by Caruso, One Coast by Etco Homes and the soon to be redeveloped Gladstones by Wolfgang Puck and Frank Gehry.
Very quiet and secure building. Beautiful common area grounds. Building is professionally and meticulously maintained by HOA. Current HOA dues for both commercial units $1723 per month (includes building insurance, common area utilities, maintenance and replacement reserves)