The 69,000-sf facility stands at 2601 Wilshire Blvd. It was 100% leased to the County of Los Angeles at the time of sale.
The buyer, S&R Wilshire LLC of Manhattan Beach, was represented by a Grubb & Ellis brokerage team, consisting of Terry Reitz, Jim Biondi and Gerald Kim of the firm's South Bay office. The same team represented the seller, The Ratkovich Co. of Los Angeles.
The transaction follows a recent announcement by Holliday Fenoglio Fowler that it has arranged $8.3 million in financing for Santa Monica's Promenade Tower. The loan, which was arranged through Principal Capital Management on behalf of Sagamore Promenade Tower LLC, will be used to refurbish the 52,800-sf office building.
Located two blocks from the ocean, the facility stands at Third Street Promenade and Santa Monica Boulevard. The office structure, which will remain vacant during the renovation, will undergo a complete interior modernization. Slated for a Summer 2002 completion, the renovation project will include seismic upgrade and restoration of the exterior facade.
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