FOR IMMEDIATE RELEASE
Media Contact: David Ebeling
Markwood Enterprises to Redevelop 7100 Melrose Avenue in Los Angeles
Influx of multifamily development spurs need for retail
LOS ANGELES, Mar. 21, 2014 –Markwood Enterprises, Inc., a private investment firm focused on acquiring value-added commercial real estate in Southern California, today announced it has purchased 7100 Melrose Avenue, in the Hollywood submarket of Los Angeles. The 16,000-square-foot lot currently hosts a Chevron gas station. Jason Gribin from Wilson Commercial Real Estate represented Markwood Enterprises in the $4.45 million purchase while CAG Commercial Asset Group’s David Aschkenasy represented the seller.
Capitalizing on the growth of multifamily in the area, Markwood Enterprise plans to build an approximately 6,000 – 10,000 square foot retail and office development at the site. The private investment firm expects the development to be complete mid-2015. Scott Burns from Wilson Commercial Real Estate and Tom Breen from Epsteen and Associates will jointly represent Markwood in leasing efforts.
“According to JLL’s 2014 Multifamily Outlook, the Los Angeles market currently has more than 14,000 units under development,” said David Wright, director of operations for Markwood. “We all know that retail follows rooftops, so we plan on fulfilling that need in the highly trafficked Hollywood submarket.”
The purchase of 7100 Melrose Avenue is Markwood Enterprises third acquisition over the past six months. The firm continues to look for opportunistic acquisitions in the Southern California area.
About Markwood Enterprises
Based in Los Angeles, Calif., Markwood Enterprises is a private investment and management firm specializing in value-added commercial real estate in Southern California.