Santa Monica Office Building Sold For $6.3 Million
Posted Aug. 1, 2012, 7:44 am
A Santa Monica office building that leases one level to Innovative Artists for its production department has sold for $6.3 million, according to brokerage firm Lee & Associates who closed the sale.
The 14,860-square-foot building is located at 1617 Broadway, just blocks from the Third Street Promenade.
The buyer, Sumo Properties, LLC., was represented by Dave Wilson and James Wilson, both Principals of Lee & Associates West Los Angeles.
The building is currently 100 percent leased. Innovative Artists is the main tenant.
The seller, SZS Crossroads Associates, LLC., was represented by Brad Kesner of Stone-Miller in the transaction.
“This was a really quick deal, completed in just two months,” said James Wilson. “Not only is the building in a great location and fully leased, but the rents were set below the market rate. Our client now has the opportunity to reposition the building and increase its value.”
Jeff Jacobsen of Broadway Capital Partners in Santa Monica arranged the financing for the deal, which took 60 days to complete.