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$25 Million Portfolio on Ocean Front Walk in the Press
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Topic Rating: 3.6Topic Rating: 3.6Topic Rating: 3.6Topic Rating: 3.6Topic Rating: 3.6 Topic Rating: 3.6 (81 votes) 
November 14, 2012
9:04 am
Bret
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Looks like the agents for the "Gingerbread" properties are starting to push them in the press, an "exclusive" story showing up today on GlobeSt that the three mixed use properties and parking lot are for sale with the asking price of 25 million. The properties are the same ones that Russian billionaire Andrey Melnichenko was rumored to be purchasing in 2010.

Ocean Front Walk

From GlobeSt:

The portfolio includes three mixed-use properties and one 19,000-square-foot parking/open-air retail lot for potential development. The properties are all located along the Venice Beach boardwalk and include 511 Ocean Front Walk, a three-story apartment building with ground-floor retail; 517 Ocean Front Walk, a two-parcel complex known as the Gingerbread Court, consisting of seven buildings containing ground-floor retail and second-floor office space; 523 Ocean Front Walk, also known as the Blu House, a beach bungalow with coastal and city permits for a variety of uses including residential, restaurant and retail; and 601 Ocean Front Walk, a commercially zoned vacant parcel totaling approximately 19,800 square feet, with current coastal entitlements in place for a mixed-use food court/retail building. The latter property is currently being used as a parking lot with open-air retail on the boardwalk.

Richard Ringer, a first VP investments in Marcus & Millichap’s West Los Angeles office, is representing the seller. “This is a rare opportunity to acquire over 300 feet of irreplaceable beachfront real estate with unobstructed views of the Pacific Ocean along Ocean Front Walk,” said Ringer in a prepared statement. “This unique offering in the heart of Silicon Beach will attract interest from a variety of local and foreign investors and from potential owner-users in the high-tech and entertainment industries.”

Ringer tells GlobeSt.com that the Venice submarket is “perhaps the strongest market in all of Los Angeles. It’s a very hot market for all property types.”

Click here to read the rest of the article on GlobeSt.

November 14, 2012
9:08 am
cch
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Trader Joe's?

November 14, 2012
9:11 am
Ms. Venice
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cch said
Trader Joe's?

with bike ride thru I hope ; )

Love your bike.
November 14, 2012
9:54 am
dexter
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this is sad… we will either have a giant block of condos or a giant group of nerds maintaining the internet backbone…neither sounds good to me..silicone beach can suck it…go back to the valley

November 14, 2012
11:09 am
concernedneighbor
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dexter said
this is sad… we will either have a giant block of condos or a giant group of nerds maintaining the internet backbone…neither sounds good to me..silicone beach can suck it…go back to the valley

How about some positivity here folks?  Maybe a nice hotel or some interesting new condos with cleaned up retail on the ground floor.  Everyone whines about OFW being a wasteland and then complains when someone wants to do something interesting down there.  You can't have it stay the same and magically get better…???  Why you hating on the nerds btw?

'...and you sir are no Sonny Zorro!' -AnotherWorldView
November 14, 2012
12:42 pm
Shane
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Ferris wheel.

November 14, 2012
12:49 pm
Venice WatchDawg
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Yep, Whatever anyone has built of Venice in their minds and hearts is about to change in a serious way – After years of fighting our neighbors and their proponents in LA City government, Venice started to clean up once again (it has come close before, but timed poorly with world events and the economy) at a time of rising real estate prices, people attempting to get into the fray as early as possible, and the new momentum that this accelerates.  It is also, in the West LA scheme of things, is still undervalued AND underutilized…  It is good that some internet companies are locating here!  It would be terrible if the only viable business was tourism and fine dining.  Any business that brings employment, especially creative employment, to Venice should be nurtured, not spurned.

Hotels and residences on OFW will develop into a vibrant community of interesting people who will be able to walk and bike.  Our visions of the future should be shuttles, remote parking lots, pedicabs and instead of the suburban shopping center model, integrate housing, business and Hotels/B&Bs ect. into a fabric that resembles the European cities that Abbot Kinney envisioned over 100 years ago.

The last thing that I would like to see is Rose Ave or OFW to be ALL hotels, restaurants, and stores.  It continues the LA practice of living in one place, shopping in another and recreation at yet another place, driving and parking between each activity.

Instead of bitching and obstruction, we should be working together to make the "new" Venice as people friendly and easy to navigate as foreign cities of old – Much old is still here and has to be worked around anyway.  Why not feature it and set up systems that will work for the future while maintaining as much of the distant past as is logistically possible…..

It is going to change anyhow, anyway….  Help it be the best we can……. 

November 14, 2012
12:51 pm
Venice Rob
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I wonder if the VNC is going to propose a homeless shelter on that site. For the social service mafia 25 million is a bargain.

November 14, 2012
1:34 pm
tired of the disrespect
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Venice Watch Dawg:  Damn straight!

November 14, 2012
1:54 pm
Venice Rob
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Watch Dawg what you are proposing in you infinite wisdom is two fold. A cleaner safer Venice and the ousting of the social service mafia. 

November 14, 2012
2:28 pm
squirrel underpants
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this is great!  I hope someone buys it and does something cool, something cool that attracts the cool nerds.  Nothing wrong with cool nerds. They are cool AND smart – and that means they make and have money.  and want their money and stuff to be safe, so they care about safety.  and they most likely want stuff to be clean.  and nerds do like cool things so they will attract cool businesses.  I think nerd cool can even be cooler than art cool. Sorry if you dont agree with that – they maybe you better move out of Venice, bc the nerds are taking over. (i hope)

November 14, 2012
2:57 pm
dexter
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diddnt mean to bash nerds… but nerds are the new slaves, the new labor force.. they tan by computer monitor for the slave masters… they press tiny buttons in a little cubicle …they clog the line at my taco truck hiding their badges…

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