SANTA MONICA, CA—An investor has purchased the Ocean Park Plaza, a 100,983-square-foot low-rise office property in Santa Monica, from Broadreach Capital Partners. The name of the buyer and the sales price of the property were not disclosed, however, industry sources unrelated to the deal report the buyer was Florida-based SunBrook Partners and estimate the sales price to be $47 million.

Prior to selling the property, Broadreach Capital completed $3 million in renovations on the property, which included the addition of an open atrium to help attract the growing office demand in the Santa Monica market. The property is currently 90% leased to a tenant mix that includes MatchCraft, UCLA Health System, Keller Williams and Ocean Park Casting.

HFF director Andrew Harper, senior managing director and co-head of the national office investment sales platform Michael Leggett and senior managing director Ryan Gallagher represented the seller in the transaction. The team did not respond to a request for comment prior to the publication of this story.

Broadreach Capital acquired the Santa Monica property in 2007 for an estimated $24.5 million. The company's investment strategy is to buy value-add properties focused on West Coast markets. There is no information on how the buyer plans to reinvest the proceeds from the sale, or how the buyer plans to use the property, at this time.

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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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