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