Newmontis Sells Bel Air Creative Office to Film Production Company
Achieves record price-per-foot for submarket.
PACIFIC PALISADES, Calif., Oct. 15, 2019 /PRNewswire-PRWeb/ -- Trevor Nelson, President of Newmontis Real Estate Investment Management, along with Katherine Weaver of Pegasus Investments, has completed the $5,400,000 sale of the Clock-tower office building at 600 N. Sepulveda Blvd. in Bel Air, CA. Nelson had helped the Seller acquire the building several years ago as an owner-user facility. As the seller's business expanded, they retained Newmontis and Pegasus to market the property. Multiple offers were received, and the property sold vacant to a film director of several successful franchises, as the headquarters for their production offices. Jason Froelich represented the Buyer.
At $917/SF, this marks the new sale-per-foot record for the Bel Air commercial market, beating the 2008 $757/ft sale at 662 N. Sepulveda. In the past four years, the next highest sale was $571 per foot at 862 Moraga. (per CoStar research). The Seller had purchased the property for $586/foot in 2014.
Nelson said, "We helped a client buy the right building for their business at the right price, and then sell that building at a substantial profit when it no longer met their objectives. It's a great insight into the value we strive to add at Newmontis."
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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