CULVER CITY, CA–The red-hot Culver City office market has one less property for sale. A three-story, 51,288-square-foot building at 6133 Bristol Parkway has sold for $12.65 million.

Jones Lang LaSalle's managing directors Steve Solomon and Chris Strickfaden represented the seller, Praedium/Palisades Partners. The buyer, APW Bristol Parkway Associates LLC, was represented by James Hooks of Cresa and Lee & Associates. The off-market transaction was all-cash and no renovations are planned.  The buyer is expected to obtain new debt on the property.

“Hot market,” Solomon tells GlobeSt.com. “(It's a) West L.A., Santa Monica alternative. Rent is about 50% less than those two hot markets. Rents for 6133 are about $2.25 full service gross and West L.A. or Santa Monica rents are $3.00-$5.50.”

Solomon notes that the seller “took a risk when they purchased the property at $165 per square foot during the downswing and at a time when there were limited buyers. However, with strong leasing efforts by JLL, this property will continue to increase in value and compare well to properties in nearby Playa Vista that are selling for 50% to 100% more.”

The Bristol Parkway property was 85% leased at the time of sale. Originally, Praedium/Palisades Partners was not planning to sell until later this year when the property was targeted to be more than 90% leased. That changed when APW Bristol Parkway Associates said it will occupy a significant amount of the vacant space within the property.

As reported earlier by GlobeSt.com, West Side creative office space is spiking, and CBRE's Kevin Shannon sees firms looking outside the beach box for new space.