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.