LOS ANGELES-Madison Partners has sold two office properties for over $34 million in the red-hot Santa Monica and West Los Angeles markets.
The bigger of the two west side deals was an off-market sale of 10780 Santa Monica Boulevard, located in West Los Angeles. Bob Safai and Matt Case of Madison Partners sold the 94,266 square foot building for a price they estimated at $27 million, a 7 cap on existing net income in the building.
Safai, a founding partner of Madison, tells GlobeSt.com that the deal was “all cash” and that the building was “fully leased.” Angelo Gordon and Cambra Realty teamed for a joint venture as the sellers, Safai says. The buyer was not disclosed.
In the other deal, Madison Partners sold 1545 26th Street in Santa Monica. The asset is a 14,573 square foot office building built in 1982 and currently vacant. The buyer, not disclosed, paid $7.25 million ($498 per square foot) in an all cash deal. Safai, Case and Joe King of Madison Partners represented the seller, 26th Street Associates.
Robert Hooks of Lincoln Property represented the buyer, 1545 26th Street LLC, which will be using the property.
As previously reported on GlobeSt.com, Madison Partners has had several key deals on the west side.
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