Cash deal for 100,700-square-foot Ocean Park Plaza removes largely vacant property from Westside commercial inventory.
By Carlos Reyes
Commercial real estate brokers have finalized the all-cash sale of a 100,700-square-foot office and medical building along Ocean Park Boulevard to a private school.
The transaction removes Ocean Park Plaza, located at 2701 Ocean Park Blvd., from Santa Monica’s commercial office inventory. Sellers marketed the two-story property while approximately 73 percent of its space remained vacant, opening the door for an institutional user to take over the entire site.
“This is a great outcome for Santa Monica,” said Sean Fulp. “A well-located, recently renovated building that was sitting largely empty now has a committed long-term user that will serve the community. The buyer gets a campus in the heart of the Westside, and the neighborhood gains an institution that adds real activity and stability.”
Brokers with commercial real estate firm Colliers represented the seller, an entity tied to Jade Enterprises, while representatives from Industry Partners and Newmark acted on behalf of the buyer.
Recent investments totaling roughly $8 million since 2017 brought upgraded outdoor courtyard space, refreshed exterior finishes, modernized building systems, and renovated restrooms to the property. The building sits directly across from Santa Monica Business Park and near ongoing neighborhood redevelopments, including a proposed 456-unit residential complex across the corridor and the anticipated transition of the Santa Monica Airport into public parkland.
