(For more retail coverage, click GlobeSt.com/RETAIL and to read more on themultifamily market, click here.)
VENICE, CA-One of the most popular places for tourists andlocals alike to stroll is the Venice Boardwalk, which was onefactor in the sale of a 10,080-sf apartment and retail complex thatsold for $600,000 more than the $6-million asking price, accordingto Sperry Van Ness. Bill Cluverius and Fariba Kavian of Sperry VanNess in Los Angeles report that a private investor based in SantaMonica acquired the property at 431 Ocean Front Walk from sellersbased in Northern California.
Cluverius and Kavian, who represented the sellers, cite theproperty's "irreplaceable boardwalk location. " The sale closed ata cap rate of 3.44% and $655 per sf, with the buyer represented byBrad Neal of Gold Coast Realty in Venice.
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