The property for sale is outlined in yellow and contains buildings on La Cruz Drive and Sunset Boulevard and part of the parking lot.
Longtime resident and commercial property owner Elliott Zorensky of UDO Realty has listed his Sunset (15220-15240) and La Cruz properties (15230-15234) with CBRE realty.
Zorensky, who was president of the Palisades Business Improvement District until his resignation in July, announced to the group at the November 6 meeting that he was selling his commercial property, which has a total building area of about 18,455 sq. ft. The property currently has 100 percent occupancy rate.
His La Cruz properties include the building now occupied by Seven Arrows, Mathnasium, the popular Garden Café and the Pit Stop, which is located behind the building. His real estate on Sunset includes Wells Fargo, Ruby Nails, Philips French Cleaners, Valentina and Club Pilates. Zorensky’s property borders on a L.A. City parking lot.
According to the offering, the site, which is 36,000 sq.ft., would offer an investor a possible redevelopment/repositioning potential, as well as lease termination rights. The price is listed as best offer and the property type is listed as a strip center.
Curious what Zorensky might fetch for his property, CTN contacted Payman Emamian, director of commercial real estate for Compass in Pasadena (and a former business partner with Palisades realtor Anthony Maguleas). He said, “If you take a five percent cap as a reference, then it should trade at $28 million.”
The cap rate is defined as your return on investment if you pay all cash for the property.
“My suspicion is that somebody local will buy the property,” Emamian said. “There are a lot of private equity guys in the Palisades area who know the town” and would appreciate a commercial property investment where “the equity and the income are rising every year.”
Zorensky and wife Jodi have three adult children. Their daughter Sydney, a social worker with at-risk youth in New York City, completed her master’s in social work at the University of Denver last year.
Alex and Seth owned and operated the Palisades Pit Stop until its sale in October 2016. They moved to Las Vegas and started a new business LSC Destruction, which destroys seized firearms for law-enforcement officials.
Alex was recognized by the San Bernardino County Sheriff-Coroner John McMahon at a ceremony for his heroism at the 2017 Route 91 Festival in Las Vegas. He received a Lifesaving Award for his actions at the Festival, in which 59 people were killed.
The property on La Cruz is for sale by owner Elliot Zorensky.
Let’s hope Caruso doesn’t buy it!
that was my very first thought!