Newmark closed the $16.15-million sale of a multifamily portfolio, known as Westside Trio. Located in highly sought-after neighborhoods of West Los Angeles, the portfolio sold for a blended price per unit of $425,000 and blended price per foot of $573. The offering includes properties at 1823 N. Fuller Ave. in Los Angeles, 8730-8736 Holloway Drive in West Hollywood and 1335-1351 Manhattan Beach Blvd. in Manhattan Beach. 

Managing Director Anthony Muhlstein, Senior Managing Director Chris Benton, Co-Head of US Capital Markets Kevin Shannon, Vice Chairman Ken White and Senior Financial Analyst Gabe Munson represented the seller, Chishima Real Estate. The buyer was SLH Investments.   

“Shifting local policies are creating attractive acquisition opportunities in key areas of Los Angeles,” said Muhlstein “Securing three prime assets in West Hollywood, the Hollywood Hills and Manhattan Beach is a rare opportunity in a highly competitive market.”  

The Allen Morris Company is planning to build a mixed-use project that would replace industrial properties in the area of Bankhead and the BeltLine’s Westside Trail. Two years ago, the company paid $31 million for the site.

Allen Morris submitted plans to a state planning agency outlining details of what could take shape on 15.5 acres at 1060 Donald Lee Hollowell Parkway. 

Urbanize Atlanta reports the project would entail 1,600 multifamily units, 575,000 square feet of office space, and 125,000 square feet of retail across the linear site, which fronts the Westside Trail for the equivalent of several blocks. 

The project’s retail phase is expected to start construction in the third quarter of 2025 and be finished in summer 2025. The overall project completion date is listed as 2031.

Ackerman & Co. has experience turning old brick warehouses into thriving mixed-use developments. Along with MDH Partners, Ackerman developed the Lee + White project along Atlanta’s Westside Trail which contains restaurants, breweries and office space. The company has purchased another empty warehouse not far from Lee + White and hopes to add to its success. The 12-acre site was acquired in 2021 for $24 million. The site contains a 212,000-square-foot warehouse, about half the size of Lee + White.

The Atlanta Business Chronicle reports Ackerman has requested a meeting with Atlanta planners to discuss rezoning the property at 1200 White St. to allow for a mixed-use project with residential space. The meeting would allow the developer to refine its plans before submitting a formal rezoning application.

It’s not clear when Ackerman will move forward with a project.

Ackerman & Co. has more than 37 million square feet of office, medical, retail and mixed-used space developed, and 4.5 million square feet under management.