Sunset Building Listed for $5.5 Million

Following the recent trend of commercial-property sales in Pacific Palisades, the two-story retail/professional building located at 15415 Sunset Blvd. went on the market early last week.

The 9,312-sq.-ft. property, situated between Sunrise Assisted Living and the Shell gas station, is listed for $5,499,900 ($526 per sq. ft.), according to a marketing package released by Coldwell Banker Commercial WESTMAC.
Current tenants include Il Piccolo Ritrovo restaurant; Dr. Gary Polan’s optometry office; Kitchen Design Group; Pacific Palisades Pool Supply; Jude Welles, Ph.D., psychology office; B. Ballash Inc.; Become International Inc. and the Capital Asset Management Group. There are currently several vacant spaces on the second floor.
The marketing material touts the property as offering “an investor great potential for a high return as well as pride of ownership,” and it describes the neighborhood as an “ideal trade area for retail and office space investment properties.”
These potential highlights, according to the marketing package, include the owner’s ability to “increase rents in the market” and a “median income of $170,000 in Pacific Palisades.”
The parcel, which is zoned as C2 (commercial business use), contains 10,449 sq. ft. of commercial building, 5,836 sq. ft. of retail space and 4,613 sq. ft. of office space, but only six on-site parking spots.
In a March 18 letter sent to potential buyers, Coldwell Banker Commercial WESTMAC noted that the property “offers the savvy investor the opportunity to occupy the second floor offices and/or refurbish the property and increase rents.”
In addition, the letter points out the anticipated sale of nearby properties. “It is also rumored that developer Rick Caruso plans a big redevelopment only one block to the south,” reads the letter.
The Caruso land deal is for a portfolio comprising of 2.77 acres of property on Swarthmore Avenue and Sunset Boulevard that was placed on the market in early October via the CBRE Group. This deal is still currently in escrow, according to Palisadian-Post sources.