Los Angeles, California – NNN Commercial Real Estate information for this morning is on the Apartment Building sector of properties. The majority of our NNN Commercial Real Estate investors prefer Triple Net Lease Properties. However, for diversification purposes some NNN Commercial Real Estate investors delve into quality situations to buy Apartment Buildings. Our NNN Commercial Real Estate Investors have seen triple net lease properties cap rates level off with supply and demand. Also with NNN Lease Properties Investors having time frames to act upon for 1031 Exchange situations, they may buy Apartment Buildings with attractive Cap Rates.
Our NNN Commercial Real Estate news is on a transaction whereas L & B Property Advisors has sold an Commercial Investment Property. This Commercial Investment Property is a 165-unit building set up as an adaptive reuse project. This Commercial Investment Property is situated in bustling downtown Los Angeles, California. The Commercial Real Estate Investor to acquire the Investment Property was Essex Property Trust Incorporated. Essex Property Trust Inc paid $31.1 million for the Commercial Property Development. Essex Property Trust has appears to have made a wise decision acquiring this unique Commercial Investment Property that is nearby the new developments like LA Live! and the Ritz Carlton.
Commercial Real Estate Investors use the adaptive reuse process as a form of adapting older Buildings for purposes other than what they were originally developed for. NNN Commercial Real Estate investors have seen Old School Building turned into Condominium Projects in Atlanta with upscale interiors. Adaptive reuse covers various Commercial property types especially in urban areas. This process allows NNN Commercial Real Estate Developers to hire architects to change the primary function of the Building, however still retaining the majority of the existing exterior architectural details.
Essex Property Trust, Inc. was founded in 1971, and is a publicly held, fully integrated, real estate investment trust (REIT). Essex Property Trust invests in numerous Commercial Property types, but mainly invests in apartment building communities. Essex Property Trust, Inc. seeks to acquire Commercial Investment Property along the West Coast. The real estate investment trust, Essex Property Trust has been able to produce superior returns over the past decades. Their success has elevated them to become one of the premier commercial real estate investment trust “REIT’s” in the industry.
Today, Essex Property Trust, Inc. has ownership interests in over 135 multifamily apartment communities. The Real Estate Investment Trust also has approximately 748 units in various stages of development or currently under construction. Essex Property Trust is guided by their thorough understanding of the supply-constrained West Coast housing markets. For this reason Essex Property Trust invests in Commercial Investment Properties, and Apartment Buildings that are expected to add value through rental growth and commercial real estate appreciation.
The new addition to the Essex Property Trust, Inc. Investment Property Portfolio is situated at 700-22 S. Los Angeles Court. This mixed-use Commercial Real Estate Development was built in 1912 and redeveloped in 2004. This Commercial Real Estate Development is called Santee Court. This Commercial Real Estate Development is exempt from rent control statutes and subject to Mills Act property-tax abatements for historical properties.
The Commercial Real Estate Development, Santee Court, was originally nine fashion manufacturing buildings, constructed between 1908 and 1929. This Commercial Real Estate Development had unique architectural designs with decorative facades and oversized rotating windows-typical design elements of the time. This Commercial Property was built with heavy concrete-framed structures which reflect the distinctive architectural style for this Commercial Real Estate Development. At this time we are not aware of Commercial Loans on this California Commercial Real Estate Development.
Another advantage for the Buyers of this Commercial Real Estate Development is that Santee Court has 38,543 square feet of street-level retail space for net leased property tenants. Currently, this net leased property portion is 100% leased. This portion for the net leased properties was built out as a food court.
The apartments for the Tenant Leases range from 505 square feet to 1,219 square feet, and rents starting at $1,390 and going to approximately $1,650. These chic apartments have features such as spacious 12 to 16-foot ceilings, gourmet kitchens, sealed concrete flooring, floor-to-ceiling windows and exposed brick walls. The rooftop amenity package includes an luxurious pool, spa, barbecue area, driving range, lounge and basketball court to complement a ground-floor fitness center.
Contact Net Lease Properties to sell your net lease properties, or to purchase NNN Property Investments.
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