PACIFIC PALISADES, Calif., Oct. 14, 2019 /PRNewswire-PRWeb/ -- Trevor Nelson, President of Newmontis Real Estate Investment Management, has completed the sale of the Woolworth, a mixed-use redevelopment in Glendale, California for $18,095,450. The property has been extensively redeveloped and was sold at a 5.1% cap rate. It is 100% occupied by ten tenants across three floors. The upstairs and subterranean floors include office tenants, such as the co-working firm Regus, and the ground floor features retailers including Unify Credit Union, UFC Gym, Halal Guys, 85 Degrees Café and AT&T. The seller, a private investment partnership, purchased the property with Nelson at a bankruptcy trustee's auction for approximately $8.5 million over four years ago, and proceeded to renovate and redesign the 90% vacant property.
The buyers, a local family with extensive experience in commercial real estate, were represented by Warren Berzack and Slavic Zlatkin.
Originally built in the 1940's, the property was the historic Woolworth department store. The property sits at the intersection of Brand Boulevard and Wilson Avenue, two blocks from Caruso's Americana at Brand and the Glendale Galleria.
Trevor Nelson, President of Newmontis, said "We are very fortunate to have such loyal clients and we are extremely proud when we generate results like this for them. Slavic and Warren were great and secured a tremendous asset for their Buyer." Regarding the sale process, Nelson added: "The marketing campaign created a competitive bidding process and the first offer that was accepted ended up closing."
The Woolworth sale, per CoStar, represents the largest commercial transaction in Glendale of 2019. This is the second record-setting sale for Newmontis this year, as earlier in 2019 Trevor Nelson of Newmontis, with Travis Landrum of Industry Partners, represented the purchaser in the off-market acquisition of the Lantana Media Center in Santa Monica for over $321,000,000, this year's largest commercial sale on the west side of Los Angeles.
Newmontis Real Estate Investment Management is a Pacific Palisades based commercial real estate investment firm, which provides customized real estate solutions to high-net-worth individuals, businesses and investment groups
SOURCE Newmontis
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