LOS ANGELES-A prominent public REIT has acquired a class-C, value-add property on 1861 S. Bundy Dr. in West Los Angeles, GlobeSt.com reports in this exclusive story. The buyer, seller and price of the property are undisclosed, however, the property was listed at $18.8 million and was purchased in cash.

The property, built in 1947, was only 20% leased at the time of sale, but the listing still received all-cash offers from six other interested buyers, Keller Williams Commercial's Zohreh Tamjiditells GlobeSt.com. Tamjidi represented the seller. The buyer of the S. Bundy Dr. property, located in a strong West LA location between Santa Monica and Olympic, plans to spend $4 million to $6 million in upgrades and renovations on the property.

The sale is on trend with recent value-add transaction activity in Los Angeles and along the West Coast. At Allen Matkins' 2013 View From the Top conference, experts noted value-add transactions as a key theme in the 2013 market. This trend becomes especially notable when looking at capital flooding into some of the secondary markets for value-add properties.

Other recent value-add transactions reported on GlobeSt.com include the recent Little Tokyo Professional Building, rebranded as Terraces, which received a $17.2 million loan for renovations and repositioning. Multifamily properties have also seen substantial value-add activity throughout the West Coast. This includes a handful of recent notable transactions, like the $60-million acquisition of the Crenshaw Village multifamily portfolio and the Oak Coast Properties' recent $45 million acquisition of 10 Southern California multifamily properties.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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