January 17, 2022 Breaking News, Latest News, and Videos

Lionstone Group Sells Building At 631 Wilshire Boulevard For $20 Million:

The Lionstone Group has sold its 38,000 square-foot mixed-use building at 631 Wilshire Boulevard in Santa Monica for $20 million.

Los Angeles-based real estate investor Philip Orosco and his firm Pacshore Partners acquired the building in an all cash deal.

The transaction is the third acquisition in Santa Monica in the last six months for the former Maguire Partners executive.

The four-story art deco building at 631 Wilshire, features 11,000 square feet of ground floor retail, 17,000 square feet of creative office space with 11 foot ceiling heights, and four 2,500 square-foot residential loft units on building’s abbreviated fourth floor.

Built in the 1950s, the residential lofts and a recreation room were added to the original two-story building in the late 1990s at a cost of more than $4 million. The building was 55 percent leased at the time of sale, and tenants include digital production and design studio Big Block and global IT firm EMC Corporation.

Pacshore will undertake a multimillion capital improvement program that will include major façade and entry improvements, new private outdoor spaces, and renovation of the fourth floor residential units, according to Tom Majich of Los Angeles-based Industry LTD, which is overseeing the construction. 

The new owners are now in discussions with local restaurant operators and will convert the 4,000 square-foot third floor recreation room into creative office space with private roof decks facing the newly renovated Reed Park.

Jim Jacobsen and Scott Rigsby of Industry Partners and Michael Moore and Tom Bohlinger of CBRE represented the seller. Pacshore represented itself in the purchase of the property.

in News
Related Posts

Tsunami Advisory Issued for Santa Monica

January 15, 2022

January 15, 2022

No damage expected for Santa Monica beaches By Sam Catanzaro A tsunami advisory remains in effect for Santa Monica following...

Santa Monica Vons’s Development Sees Design Changes

January 14, 2022

January 14, 2022

Santa Monica’s 710 Broadway development design changes shown in new renderings By Dolores Quintana The 710 Broadway Project developer has...

Bel Air Megamansion ‘The One’ Is Finally Being Put up for Sale

January 14, 2022

January 14, 2022

$295 million asking price for infamous property By Dolores Quintana The One, the most famous of all the megamansions and...

Burglar Arrested After Victim Recognizes Him Wearing Shirt

January 13, 2022

January 13, 2022

Mynor Calderon arrested in connection to January 6 incident By Sam Catanzaro.  Santa Monica police recently arrested a home burglar...

Pier Vendor Arrested for Burning Other Vendor With Oil From Hot Dog Cart

January 13, 2022

January 13, 2022

Arrest made in connection to November incident By Sam Catanzaro Police recently arrested a Santa Monica Pier street vendor for...

Santa Monica to Begin Accepting Applications for Families Displaced by Construction of Freeway and Civic Center

January 11, 2022

January 11, 2022

Below Market Housing for Historically Displaced Households pilot application window to open January 18 By Sam Catanzaro Santa Monica will...

Local Mountain Lions Show First Reproductive Effects of Inbreeding

January 11, 2022

January 11, 2022

“It’s quite severe,” says the lead researcher in UCLA study  By Sam Catanzaro UCLA scientists tracking two local mountain lion...

Cedars-Sinai Urges Blood Donations

January 11, 2022

January 11, 2022

As 2022 begins, Cedars-Sinai is facing a critical blood shortage and is encouraging prospective donors to give blood as soon...

Santa Monica Issues Permit for Second Medical Marijuana Dispensary

January 11, 2022

January 11, 2022

Dispensary would be located at 1416 Wilshire Boulevard By Dolores Quintana The medical marijuana dispensary Harvest of Santa Monica has...

Nearly 2,000 Tests a Day Available at New Santa Monica Covid Test Facility: Santa Monica Beat – January 10th, 2022

January 10, 2022

January 10, 2022

Local news and culture in under 5 minutes.*  Nearly 2,000 Tests a Day Available at New Santa Monica Covid Test...

NYC-Based Developer Finalizes Acquisition of Major Santa Monica Residential Development Site

January 7, 2022

January 7, 2022

Tishman Speyer to begin construction in late 2022 on its first LA-area residential project By Sam Catanzaro An NYC-based developer...

Drop in Santa Monica Mountains Monarch Butterfly Numbers ‘Deeply Concerning’

January 7, 2022

January 7, 2022

By Dolores Quintana There are 18 critically endangered species of butterflies and moths in the state of California and the...

JW Marriot Santa Monica to Pay Housekeepers $25 an Hour Following Agreement With Labor Union

January 6, 2022

January 6, 2022

Family health insurance and other benefits part of agreement ending lengthy dispute By Sam Catanzaro Ending a lengthy labor dispute,...

Food Delivery Driver in Santa Monica Has Vehicle Stolen

January 6, 2022

January 6, 2022

A food delivery driver in Santa Monica recently watched their car get stolen in front of their eyes.  According to...