LOS ANGELES, Oct. 26, 2018 /PRNewswire/ -- Optimus Properties, LLC has completed the acquisition of an approximately 6,400 square foot retail and office building in Venice. The building, located at 62-66 Windward Ave, is just west of Pacific Ave.
"We are very excited to purchase a value-add building opportunity in Venice. We remain bullish on the retail and office sector given the current state of the economy," said Kamyar Shabani, a principal of Optimus Properties, LLC.
The building was built in 1915 and located just steps to the Venice Boardwalk and beach.
Coalision USA Inc, who produces and distributes the Lolë clothing brand, has signed a three-year lease for the entire second floor consisting of 2,337 square feet. Additionally, Jessebelle Boutique, a clothing, cosmetics and art retailer, has signed a five-year lease for the vacant 670 square feet on the first floor. With these new leases, the building is 100% occupied.
"The Property has two long term tenants on the first floor and another retail space on the first floor and the second floor office space are vacant. We worked very quickly before and after closing on the acquisition of the Property to negotiate leases with new tenants with the goal of stabilizing the asset," said K. Joseph Shabani, a principal of Optimus Properties, LLC.
Optimus Properties, LLC, located in Los Angeles, California, was founded by Kamyar Shabani and K. Joseph Shabani and employs a disciplined investment approach focused on value creation in office, retail, office and medical office properties throughout Los Angeles.
SOURCE Optimus Properties, LLC