An overview of commercial real estate in Culver City
Culver City is a tiny city in the western part of Los Angeles County with a population less than 40,000. The greater part of the city is surrounded by Los Angeles. However, it shares a border with the unincorporated areas of LA. The place has been a great hub for motion pictures and television productions since the early part of the 1920s.
In the 1990s, the city introduced a revitalization program which was hugely successful. This program consisted of the renovation of its downtown and also various shopping hubs in the Sepulveda Boulevard area close to Westfield Culver City.
Culver City has a vibrant economy with businesses on the upswing at present, especially in the field of arts. Sony Pictures Studio and the Culver City Art District are both based in Culver City. The employment areas that provide the maximum opportunities are Arts, Computer Services, Entertainment and Recreation and Public and Government recreation. The unemployment rate here at present is roughly 11.4%, and the average household income is approximately $ 55,000 per annum.
At present, movie studios are witnessing full production with television and movie productions, small retailers seem content with business to business sales, restaurants are taking in reservations both for dinner as well as lunchtime. The booming economy has had a drastic impact on the commercial real estate sector in the place with investors pumping in millions of dollars in new properties throughout the city.
Some interesting commercial properties in Culver City
- 5800-5600 Hannum Ave
This is an excellent campus setting with easy access to restaurants, shopping and 405 freeway. The total space available is 6256 square feet with the rental rate varying between 4 1.65 to 1.80 per month per square feet. This commercial real estate property is ideal for an office and can be available immediately. The building is named PS Business Park and is composed of two floors.
- 10724 Jefferson Boulevard
Raintree Plaza in Culver City is an attractive shopping center with visitors from all over Los Angeles and rest of the world. The shopping hub has a powerful retail corridor with heavy traffic counts. A recent remodel of the façade underwent completion in September 2009. The only available space in the center is the 1540 SF suite which is immediately next to Ralph’s grocery. This place has been vacant for over six months. The tenants here include Denny’s, Ralph’s Grocery, One West Bank and Pizza Hut.
The total available space here is 1,540 square feet and the rental rate is $2.65/month/ square feet. The property would be ideal for a retail outlet and can be immediately availed.
- 9808 Venice Boulevard
Bortman Physicians Plaza is an office tower of seven stories offering excellent panoramic views of magnificent downtown Culver City. It features a broad community of individuals in the medical field along with an on-site pharmacy. The total space available is 935 square feet and is suitable for setting up an office. The place has a great parking space and the rental rate is $ 3272.50/month. Click here to know about Bortman Physicians Plaza.
- Washington Place Realty
This commercial property in Culver City is a great location for a business wanting high visibility. The outlet is situated on a corner at a distinguished intersection between Costco and Sepulveda. Your business can be easily seen! The total space available is 1402 square feet with the rental rate being $ 2.25/square feet/month. The property is ideal for a retail outlet and has an exhaustive parking space, which can accommodate 17 vehicles.
- King’s Tropical Inn Plaza
This office space in Culver City is located on a distinctive intersection with a high traffic count with multiple egress/ingress. It has an excellent visibility with great frontage on 22 motels/hotels, Washington Boulevard, 9 museums, 38 galleries within a radius of 1 mile. It’s ideal for medical and professional office besides an art gallery. This building which was constructed in 2003 has a total available space of 2000 square feet. The rental here is $ 6000 per month.
- Fox Hills Plaza
This prime shopping center in Culver City is anchored by Marshalls and CVS and includes adequate parking space. The total space available is 2592 square feet with the rental rate being $ 1.60/square feet/month. This commercial real estate property is ideal for a retail outlet and has the main advantage of being located in a great area in the Fox Hills Business Park.
- 5797 Washington Blvd
This medical office space is based in a highly trafficked region of Culver City. The building which has recently been renovated is situated close to FWY. There are four hospitals located in the vicinity of this property. These are Brotman Hospital, Kaiser Permanente, Olympia hospital and Cedars Sinai Medical Center. There are four exam rooms and two offices in this building with a big reception area and a waiting room. The building can be accessed through the front as well as the rear portions via gated parking area for the patients. The total space available is 1650 square feet with the rental rate being $ 4620 per month.
- 5709 Mesmer Avenue
Creative office space with a ceiling that is exposed along with concrete floors and skylights. There is an alley at the back of the property which has a parking space for two cars. The building has a kitchenette and a restroom. The front part of the property has a conference area and a reception area. There is a loading door on the ground level at the back of the space. The total available space is 2000 square feet, and the rental here is $ 2995 per month.
Culver City’s evolution from a dull community to an exciting urban center
Light-rail passenger service, which was reintroduced in Culver City last year after a break of approximately 60 years, has transformed the community from a sleepy hub to a vibrant center. This has led to investment of millions of dollars into the real estate sector. A massive project connected to the new Expo line that will eventually contain stores, apartment and a hotel are in the pipeline. Restaurant operators have been highly eager on opening outlets in this area, which has enhanced the rents for commercial properties. Zac Card, a real estate broker from Culver City says that he has never seen a dip in the rents as the demand always exceeds the supply.
The monthly rents for retail here can touch $6 per square foot, resulting in the expenses of doing business here on a par with Santa Monica’s Main Street. However, the reawakening of the region runs the risk of being stalled since the local redevelopment agencies were dissolved by state officials this year.
The reputation of the place of being a pedestrian-friendly zone with high-end shopping malls, restaurants and happening art galleries is old than a decade, according to local observers. The presence of famous movie studios, such as the Metro-Goldwyn-Mayer headquarters provided some amount of glamour. However, when former roadhouses were replaced by car dealerships in the 1950s, the place took on a suburban vibe.
With the course of time, a shopping center replaced Culver Boxing Stadium. The commercial real estate market in the region underwent a massive transformation in the year 2000 with the creation of daring and outlandish office buildings. Eric Owen Moss was the main person responsible for designing these buildings. City officials were also involved in the renovation of public spaces like medians and sidewalks, in their effort to attract new businesses.
Some famed commercial properties in Culver City
- Westfield Culver City
Westfield Culver city, also referred to as the Fox Hills Mall, is a shopping hub owned by the Westfield Group. The anchor stores of this property include Best Buy, Macy’s, Target and JCPenny among others. This commercial real estate property, which was launched in 1975, was the first three-storied hub in Culver City. At this mall, crowds of diners fill the space while others line up in a queue for ordering meals at various counters. In addition, shoppers can be seen thronging the place eagerly waiting to the buy the latest jewellery or shoes.
- The Culver hotel
The Culver hotel is a renowned hotel situated in the heart of Los Angeles. It’s just 7 miles from the main airport and can be reached easily from Downtown Los Angeles, Santa Monica Beach, West Hollywood and Beverly Hills. The surroundings of the hotel are filled with wine bars, restaurants, art galleries, theatres and some unique shops. These are all part of the city’s cultural, culinary and artistic revival.
- LA Spice Café
LA Spice Café is an award winning catering firm that serves food which reflects the culture of Los Angeles and Culver City. The Daily News Readers awarded it the “Best Caterer” in LA. Some specialties offered by this restaurant include strawberry arugula salad, pomegranate vinaigrette and pumpkin flan with sauce among others. It has visitors from all over the world wanting to taste the daily specials here. Click here to know more about this place.
New Development close to Culver City
The launching of the light rail system in Los Angeles is transforming the infrastructure of the place along with neighboring areas like Culver City. This is poised to bring about a stimulation of real estate development close to rail stations. According to Los Angeles Times, the construction on a building in Washington Blvd is under progress which is expected to cost $ 63 million.
This development includes 131 residential units along with shops and restaurants on the ground floor. The project will be based close to the Expo Line of Los Angeles County Metropolitan Transportation Authority. This project is anticipated to be one of the major developments in Culver City. Projects in the region will possibly result in the well being of the commercial real estate sector in Culver City. The apartments will be launched in spring 2014.
A study presented by the Victoria Transport Policy Institute states that closeness to transit stations enhances the value of a property. This has resulted in real estate in Culver City close to light rail stations a highly desirable commodity. In addition, the report mentions that local economies can derive benefit from residential as well as commercial real estate development.
The study also mentioned that the scope of transit can enhance the perceived value of real estate among consumers. Since public transportation results in pedestrian-friendly societies, consumers will possibly pay a premium both for residential and commercial properties that offer savings on transportation via other transit options.
The Los Angeles Times states that developers are keeping a close watch on real estate close to light rail stations that will serve a large number of commuters like the Santa Monica train stop.
Commercial Real Estate in Culver City advances outside Downtown
For the last few years, Downtown Culver City was a hotbed of LA’s Westside in terms of commercial properties. However, lately commercial real estate developments have expanded into other regions of Culver City, which has resulted in an expansion of the region’s appeal, particularly in food and retail services. Many commercial real estate developments have sprung up in a matter of a few years in both west and east Culver City. In the eastern part of Culver City, there are plans of mixed-use projects centering around the Expo Light Rail stop at National Blvd and Washington Blvd.
Towards the west of Washington Blvd in Culver City is the Tilden Terrace, close to Culver and Overland. This horizontal project is expected to have 33 units for folks with low and moderate income, when it launches later this year. At the newly launched Culver Crossroads at Washington and Sepulveda, a new restaurant was introduced with the health theme of various retail businesses in Culver City. Sage Vegan Organic Bistro and its ice cream parlor, KindKreme, features an affluent dining, south of Washington Boulevard in Culver City.
Going further down along Washington Boulevard, a developer from Vancouver is planning to construct 149 apartments, according to Los Angeles Business Journal. Further west, a 60-0000 square foot property, referred to as Market Hall is coming up as mentioned by Culver City Times. This property will have farmer’s stalls, restaurants and much more.
The commercial real estate sector in Culver City has progressed by leaps and bounds in the last few years. Councilman Jim Clarke says that he left the sleepy community in the mid 2000s and returned after three years to find three wine bars. Others followed suite and Culver City now attracts individuals from all over the world with many world class commercial properties coming into existence.