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Property Details


Executive Summary


DOWNLOAD OFFERING MEMORANDUM

The Neema Group of Marcus & Millichap is pleased to present a trophy, once in a lifetime opportunity in prime Marina Del Rey at 4140 Via Marina, directly in front of Mothers Beach centrally located within millions of square feet of Class A apartment and hotel developments.

This is a Unique opportunity to purchase the leasehold interest from the lessee to potentially negotiate a long-term ground lease for future development; the current ground lease has been extended until May 31, 2027. If successful in the negotiation, a developer could have the opportunity to build a high-density hotel without needing a zone change; a height restriction of 225 feet allows for a sizeable project with 300 feet of frontage on Via Marina. The current subtenants occupying the property include The Cheesecake Factory, Foghorn Harbor Inn, and a liquor store; one additional space will be delivered vacant for an investor to further increase the income; current in-place minimum NOI of $743,400 annually.

The subject property benefits from the existing prominent hotel synergy including major projects such as the Ritz Carlton Marina del Rey, Courtyard Marriott & Residence Inn Marina del Rey, Hilton Jamaica Bay and Hilton Garden Marina del Rey, among others.The property sits on a lot that sees year-round tourism in the middle of Silicon Beach with nearby employers like Google, YouTube, and Facebook/Meta among others4140 Via Marina is within walking distance to Venice Beach and has easy access to Lincoln Blvd and the 90 Freeway. Furthermore, it is less than six miles from LAX, attracting constant visitors due to the access to the beach and the rest of the westside. 

Area Overview

Marina del Rey

An unincorporated seaside district in Los Angeles that has a rich history dating back over two centuries. The community has undergone so much change throughout the years that it’s difficult to imagine that the area used to be referred to as a swamp, frequented primarily by fishermen and duck hunters. However, thanks to the work of several key developers, including M.C. Wicks, Louis Mesmer, Moses Sherman, and Abraham Lurie, Marina del Rey is now known as one of the nation’s most affluent harbor communities, with the world’s largest man-made small craft harbor at its center. The tech startup migration from Silicon Valley neighborhoods such as Palo Alto and Menlo Park has already made its mark on Los Angeles’ westside neighborhoods with the rise of Silicon Beach. In recent years, the region has grown to include over 500 tech-friendly businesses, with Marina del Rey being the center of all the action. After all, it’s surrounded by Venice, Playa Vista, Culver City, and Playa del Rey — all of which have experienced a boost in residential real estate prices over the past year. Since a large part of DTLA’s growth is dependent on revenue from business and financial professionals living in the area, Marina del Rey is in a similar position as more entrepreneurs and tech employees gravitate towards Silicon Beach neighborhoods. Right in the center of LA’s seaside, in between Venice Beach and Playa del Rey, Marina del Rey is renowned for its beautiful waterfront and classic California laid-back attitude.

DOWNLOAD OFFERING MEMORANDUM

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