Broadreach Acquires Ocean Park Plaza
Broadreach Capital Partners has acquired the 96,388-square-foot Ocean Park Plaza office building in Santa Monica from offshore investor Build America LLC for $24.5 million.
“Ocean Park Plaza fits well within our investment strategy to acquire assets below replacement cost in markets with strong fundamentals,” says Broadreach Director Eric Samek. “Santa Monica is a supply-constrained market with strong demand, and we see vacancies continuing to decline and rental rates rising for the foreseeable future.”
The two-story Class B stucco and glass campus-style building is located at 2701 Ocean Park Boulevard at 28th Street near the Santa Monica Airport. Built in 1987, the building is currently 92 percent leased following the signing of Keller Williams Realty to a 16,143-square-foot lease, which closed during escrow.
“We plan on undertaking a comprehensive redevelopment of the project with improvements to building systems and substantial cosmetic upgrades,” adds Samek. The firm’s Southern California portfolio totals approximately three million square feet of office properties and land with a stabilized value of nearly $1 billion. Assets include the CNN Building in Hollywood, Sunset Millennium in West Hollywood and 200 & 300 Corporate Pointe in Culver City.
Broadreach has selected Stan Gerlach, Joe Kimaz and Bryan Dunne of CB Richard Ellis to provide leasing services and Tiarna Real Estate Services to provide day-to-day onsite property management services. The CBRE team of Gerlach, Kimaz and Dunne represented the seller while Broadreach was represented in-house.
Fairmont Miramar Hotel Bought by MSD Capital
The Fairmont Miramar Hotel at Ocean Avenue and Wilshire Boulevard was sold in September 2006 by Maritz, Wolff & Co. to MSD Capital, a financial arm of the Dell computer family. At the time of the sale, Maritz Wolff had a development deal pending with the City of Santa Monica that it had put on hold when it placed the property on the market. Sarah Lejeune, senior planner for the City Planning Division in charge of the project, says that development deal has not been resuscitated and no new application or deal has been filed by MSD.
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