PRLog - Jul 17, 2013 - LOS ANGELES, Calif. -- KW Commercial Director and Broker Associate, Wolf Baschung, CCIM, CPM, announces the launch of an Exclusive Right to Sell Listing for Vanowen Square, a San Fernando Valley shopping center bankruptcy sale.
Vanowen Square consists of 9 retails spaces totaling approximately 11,150 square feet on a huge lot with 3/1000 parking. Ideally located on the busy signalized intersection of Vanowen St and Whiteoak Ave, just one block south of Sherman way and one block north of Victory Blvd, the center offers major upside to the savvy retail shopping center operator and/or developer. At the $1.7M list price the improvements equate to $152.47/sq.ft, below most comparable sales and replacement cost. Moreover, the center sits on on 27,000+ sq.ft corner of land primed for undertaking a mixed use project, as all but three leases are expired and/or month to month. The longest leases go out to mid and end 2015 on low rents.
“Vanowen Squre provides a timely value add investment opportunity,” explains Wolf Baschung, CCIM, CPM, Director at Keller Williams Commercial. “Currently the rents are low and average $1.15/ft/m gross. Market rents on modified gross leases average $1.60 for the area, almost 30% higher. With the existing 20% vacancy, the center is at a 5 CAP with projected rents following appropriate improvements bringing it to an 8 CAP. ” Wolf Baschung further explains. “Like the country as a whole, vacancy in the San Fernando Valley has peaked and held firmly recently, positioning the area for a potential turnaround this year. Vacancy is projected to go down to 6.9% this year. Rents meanwhile are projected to go up 0.9% on average.”
Wolf Baschung, CCIM, CPM is President of MW Real Estate Group (www.mwrealtyla.com), a full service Los Angeles commercial real estate company. Beginning in 2011, MW allied its brokerage operations with KW Commercial Los Feliz/Downtown LA. This is a bankruptcy sale sold in as-is condition (no termite, no repairs, no retrofitting will be done by seller) and subject to bankruptcy court approval and overbid.
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San Fernando Valley, Ca Shopping Center Bankruptcy For Sale Listing
July 17, 2013 at 16:30 PM EDT
