Changes in Retail are Greatly Changing Demand for Westside Retail

Apparel and soft goods are out of style. Electronics, services, experiences, restaurants, entertainment, cars, and homes are in. Online shopping continues to cut into brick and mortar shopping.  As a result, many retail stores on  the Los Angeles Westside are going dark.  Vacancies are popping up even on popular streets like Robertson, Canon, and Beverly.

Lease up of 4234 Lockwood and Renovations of 2703 Bellevue Completed

new exterior

4234 Lockwood

We are pleased to announce the lease up of  another apartment complex located in Silver Lake near Sunset Junction.The property includes ten units located at 4234 Lockwood.

00s0s_lNxOQ6STBOE_600x450

4203 Lockwood

00W0W_flXPSAeGJ89_600x450

4203 Lockwood

00Y0Y_hYKx2gDfrTS_600x450

4203 Lockwood

 

In addition, we have also completed construction at 2703 Bellevue, an eight unit apartment complex in Echo Park.

DSC06087

2703 Bellevue

00d0d_jJX0JXOv5lq_1200x900

2703 Bellevue

00909_eKwTVBq90pT_1200x900

2703 Bellevue

00404_d8RswSVvNmS_1200x900

2703 Bellevue

This area is known for its hip atmosphere and as an up-and-coming destination for millennials. This property demonstrates PMI’s Creative Multifamily Strategy and is located just steps from  Sunset Junction’s upscale dining, wine bars, boutiques, farmers markets, specialty food stores and much more!

Creative Multifamily is a new line of small, low-rise apartments that are stylish, contemporary, playful and yet, still affordable.  Unlike many of the mid rise amenity rich multifamily homes being built, our Creative Multifamily living spaces offer  modernize historical or mid century apartments with revamped  interiors and large outdoor patio spaces.  We stripped away the drywall ceilings in some units to expose and elaborate on the beauty of the high truss ceilings above.

Residents at properties like these are typically young creative’s that appreciate being located within walking distance of several diverse cultural amenities.

PMI Completes Another Creative Multifamily Apartment In Highland Park

00B0B_2ErvVLKt8Vx_600x450

We are pleased to announce the completion of renovations at 5665 Fayette Street, a six unit apartment building just north of York Boulevard in Highland Park. This was PMI’s third property in Highland Park.

Just blocks from York Boulevard – one of two major commercial corridors in this neighborhood – 5665 Fayette is in a prime location within this up and coming neighborhood. Tenants and business owners alike have been flocking to Highland Park due to the artistic flavor, proximity to entertainment jobs, and walkability to entertainment and eating venues. We are moving just as quickly to provide creative and unique housing. We  reinvented and extensively renovated this 1960 building  into a contemporary modern complex to fit the taste of the Creatives moving into Highland Park. At the same time, we  maintained and enhanced the original property’s garden character.  Further, we created several new large private patios as well as a common patio for collaboration.  IMG_0134

 

Creative Multifamily is a new line of small, low-rise apartments that are stylish, contemporary, and playful, yet still affordable. The complex retains the flavor of its era, but incorporates a totally redesigned interior. Residents at properties like this are typically young and well-educated, and appreciate being located within walking distance of several diverse cultural amenities

 

New Contemporary Interiors

New Contemporary Interiors

PMI SELLS ICONIC SAN FRANCISCO CREATIVE OFFICE BUILDING

Exterior 2

394 Pacific

PMI Properties is pleased to announce the sale of an iconic Creative Office Building located at 394 Pacific Avenue in San Francisco. The five stories 50,000 square foot building is comprised of a 5,000 square foot storage basement and 45,000 square feet of creative brick and timber offices.  The buyers were Grosvenor Americas, a private property investment and development company.

394 Pacific Avenue was originally constructed in 1907, and was substantially renovated (including a seismic retrofit) in 1981. The property is located in  Jackson Square   between North Beach, Chinatown and the Financial District. Because the building is just a short walk from the North Financial District and just several blocks from the Central Subway’s Chinatown extension, the location will provide future connectivity to BART, Caltrain and SoMa.

The building is currently 100% leased by a variety of tech and media companies as well as a financial management firm. PMI improved the suites to expose the original brick sides and timber ceilings with heights averaging fourteen feet. These unique details characterize creative office buildings.

PMI acquired this building for $13.5 million in 2005.  The buyer paid a total consideration of close to $33 million in June of 2016.  PMI entered San Francisco at the end of 2005 in the early stages of the tech recovery from the dot com bust and continued to acquire a total of six properties through 2011.

PMI renovated older dot com suites into efficient open plan layouts, catering to tech startups including the likes of – Twitter, Yammer, Eventbrite, Zendesk and Scribd.

PMI is a thirty year old commercial property investment and management company headquartered in Beverly Hills, CA. Starting in the 1990’s, PMI was one of the pioneers in the creative office sector, by converting warehouse industrial facilities into flex creative space prior to the internet boom, and really honing in on the specific collaborative space needs for entertainment, tech and creative type companies.

Los Angeles Entertainment Companies Move East

Many entertainment companies are moving from west of the 405 freeway and to Century City, Miracle Mile, Hollywood, Beverly Hills.  It will not be long before we hear of an entertainment firm moving Downtown.  Examples of such departures include Netflix, Viacom, and MGM.  Firms are looking for lower rents and better access to the studios and other entertainment firms.  On the other hand,  technology firms tend to prefer being west of the 405 freeway and in Santa Monica, Venice, and Playa Vista.  New media firms have demonstrated a preferences for both west and east of the 405 freeway.

Construction Completes on 4234 Lockwood Apartments

We are pleased to announce the complete renovations of another apartment complex located in Northeast Los Angeles. The property includes ten units located at 4234 Lockwood. It is known for its hip atmosphere and as an up-and-coming destination for millennials. This property demonstrates PMI’s Creative Multifamily Strategy and is located just steps from  Sunset Junction’s upscale dining, wine bars, boutiques, farmers markets, specialty food stores and much more!

Creative Multifamily is a new line of small, low-rise apartments that are stylish, contemporary, playful and yet, still affordable.  Unlike many of the mega story amenity rich multifamily homes being built, our Creative Multifamily living spaces on London street offer  modernized bungalows with revamped  interiors and large outdoor patio spaces.  We stripped away the drywall ceilings in some units to expose and elaborate on the beauty of the high truss ceilings above.

Residents at properties like these are typically young creative’s that appreciate being located within walking distance of several diverse cultural amenities.

new exterior

4234 Lockwood

00q0q_1KpK7yZhPXQ_600x450