Redcar Properties buys Santa Monica office at 1448 15th Street
By Dolores Quintana
Redcar Properties purchased a second property in two weeks as reported by Bizjournals.com.
This second property is the Meridian Building at 1448 15th Street in Santa Monica, which is a creative office building. Redcar bought the property for $18 million. Redcar’s previous purchase was in Silverlake, the property known as The Campus @ Sunset Junction, at the center of Silverlake, which is a creative commercial campus, for $11 million.
The Meridian Building’s current tenants include Weitz Sports Chiropractic and Nutrition and acupuncturist Karen Adams. With the sale of the building, the former owner of the building, DPI Retail will relocate to El Segundo and says, per BizJournals.com’s report, and continue to develop their team and expand their portfolio.
Fred Vitt, president of seller DPI Retail, said, as quoted by BizJournals.com, “This moment is bittersweet for the entire DPI team. The Meridian Building has been our headquarters that we have owned and operated out of for over two decades. It will forever be a part of our history, and I truly feel that nothing is a better testament to our success than being able to outgrow our home.”
Redcar has not disclosed any future plans for either property.