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Low Rise Office Attracts Investors

SANTA MONICA, CA—An investor buys the Ocean Park Plaza, a 100,983-square-foot low-rise office building from Broadreach Capital Partners, which recently completed $3 million in upgrades on the property.

By Kelsi Maree Borland | Updated on January 28, 2015

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.

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