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Mid City Los Angeles Commercial Property Sales for 2018 Q4 and 2019 Q1

Mid City Los Angeles Commercial Property Sales

The Commercial Property for Sale in the Mid City Submarket of Central Los Angeles continues to rise steadily. The following summary report shows the 4th Quarter of 2018 and the 1st Quarter of 2019 sales of office, retail, and commercial properties as reported by CoStar. These properties in LA 90016 represent the top three highest priced closed sales transactions for this year for each property category (only 1 office property). Despite solid price increases in the past few years, the Mid-City LA market, sometimes referred to as West Adams, continues to show strong price growth due to large developments, central location, and gentrification. Because of several major developments currently under construction property values should increase for the rest of 2019 and into 2020, as long as the regional and national economy remains robust.

The median price per square foot is probably the most accurate gage of the current market pricing. Industrial is $323.81. Retail is $378.67. Finally, the one office property is $1,203.21. Office properties and conversion of flex properties to creative office in the Mid City area is becoming a lower cost alternative to the trendy Culver City area. Various entertainment and tech companies have already relocated to 90016 primarily along Adams, Washington, and Jefferson. Industrial properties have almost disappeared on the Westside of Los Angeles, so Mid City and its Eastern neighbors are the closest areas where there is still reasonably price warehouse and light industrial space. The mixed use project at La Cienega and Jefferson known as Cumulus is a behemoth and will dominate the area once it’s completed. All property types near this TOD will appreciate, multi-family and retail will most likely be the biggest beneficiaries.

Retail Spaces – Mid City Los Angeles Commercial Property Median Sales

  • Price (For Sale): $1,208,500
  • Price per sq ft (For Sale): $378.67

mid-city-cumulus

 

Top Retail Properties Sold – 2018 Q4 and 2019 Q1

5237-5247 W. Adams Blvd, Los Angeles CA 90016

  • Building sq. ft.: 9,000
  • Sale Price: $3,408,000

3675 Crenshaw Blvd, Los Angeles CA 90016

  • Building sq. ft.: 9,600
  • Sale Price: $3,000,000

5217 W. Adams Blvd, Los Angeles CA 90016

  • Building sq. ft.: 4,287
  • Sale Price: $1,589,000

mid-city-retail2

Industrial Properties – Mid City Los Angeles Commercial Property Median Sales

Price (For Sale): $1,729,771

Price per sq ft (For Sale): $323.81

Top Industrial  Properties Sold – 2018 Q4 and 2019 Q1

2412 Thurman Ave, Los Angeles CA 90016

  • Bldg sq. ft.: 8,013
  • Sale Price: $2,594,657

5632 W. Washington Blvd, Los Angeles CA 90016

  • Bldg sq. ft.: 5,342
  • Sale Price: $1,729,771

5628 W. Washington Blvd, Los Angeles CA 90016

Bldg sq. ft.: 2,704

Sale Price: $875,571

Top Office Building Sold – 2018 Q4 and 2019 Q1

5761 W. Adams Blvd, Los Angeles CA 90016

  • Bldg sq. ft.: 1,496
  • Sale Price: $1,800,000

Jon Varsano

View all posts by Jon Varsano

Jon Varsano has been a licensed real estate agent for 25 years. He is the founder and primary commercial real estate broker for Vars Real Estate. His expertise of the Culver City and surrounding West Los Angeles communities are in invaluable resource to new property investors or those looking to sell existing properties.

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