We've got the scoop on a feel-good Midmarket sale story to get the New Year started off right.
A boutique creative office and retail space at 34-38 Mason just traded for about $6M to a Taiwan-based investor operating under the entity Venice Beach Townhome, the seller tells us. It's a small 12k SF sale for the market, but the profit for seller Citrine Advisors was huge. Citrine president Jerry Smith tells us the back story.
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An investment group that includes Oakland-based Citrine first bought the bank-owned asset in October 2010 as a vacant building with a checkered past, whose prior tenants included the Power Exchange and Crash Club--a night club with jacuzzis. At the time, Citrine leveraged two tenants it had in its pocket: public affairs firm Barbary Coast Consulting and beer cafe Mikkeller, above, which is situated on the ground floor of the 1907 Victorian building.
Jerry, above at our recent Oakland Construction & Development event, says Citrine assembled a group of investors that included the principals of both tenants' businesses to acquire the property for $3.2M. After investing an additional $300k in improvements and stabilizing the asset, the group was able to sell in December for a $2.5M profit (or 70% appreciation, in just over two years). The seller was repped by Tony Crossley and Erik Hanson of Colliers. There's a New Year's resolution for you: Be patient for a profit.
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