Santa Monica Office Building Trades for $40 Million
Newmark announced the $40-million sale of 501 Santa Monica Blvd., a seven-story, 78,500-square-foot office building and a four-level stand-alone parking structure in Downtown Santa Monica. The seller, Kilroy Realty Corp., was represented by Newmark’s co-head of capital markets, Kevin Shannon, vice chairmen Rob Hannan, Ken White, Laura Stumm, Michael Moll and director Alex Beaton. The property was acquired by Washington Capital, which was self-represented.
“Opportunities to acquire prime assets located in Downtown Santa Monica are few and far between,” said Shannon. “The seller had owned this asset for almost 30 years, which is not an uncommon hold period for jewel box Santa Monica assets like 501 Santa Monica.”
The creative seven-story building was 65% leased at the time of the sale and features exposed concrete ceilings and ductwork, concrete floors, LEED Gold certification and 13-foot clear ceiling heights. It is located two blocks from the Metro E Line Station and has access to the I-10 freeway through 4th Street and to walkable amenities, including Third Street Promenade.
Sourced from Newmark.
Burbank Senior Artists’ Colony Sold for $31.5 Million
Northmarq’s Westlake Village investment sales team – led by Jim Fisher, Steven Goldstein, Vince Norris, Mike Smith and Tommy Yates – sold Burbank Senior Artists’ Colony, a 141-unit senior housing community located at 240 E. Verdugo Ave. in Burbank, for $31.5 million. The property is age-restricted to residents 55 years and older. Northmarq represented both the seller, Meta Housing Corp., and the buyer, a Los Angeles-based private investor.
“Burbank Senior Artists’ Colony has been a pioneer in redefining active senior living. This property, featuring a performance stage, art studio and various creative spaces, honors Burbank’s rich ties to the art and film sectors. We extend our sincere gratitude to our seller, Meta Housing, and our buyer, who will continue to uphold the legacy of this distinctive community,” said Fisher, regional managing director at Northmarq, in a statement.
Burbank Senior Artists’ Colony includes 44 income-restricted units and 97 units at market-rate rent levels. It was built in 2005 and features one- and two-bedroom floor plans. Units include hardwood floors, high-speed internet access, air conditioning and handrails. Community amenities include 24-hour access to a business center, clubhouse, courtyard, media room and art studio.
Sourced from Northmarq.
Redlands Apartments Acquired for $148 Million
New York-based investment firm Sentinel Real Estate Corp. acquired The Venue at Orange, a newly built, 328-unit apartment complex in Redlands, for $148.4 million, or $452,000 per unit. The property was sold by Oceanside-based LuxView Properties in a transaction brokered by Institutional Property Advisors, a division of Marcus & Millichap.
“Affluent renters are increasingly drawn to the high quality of life in the Redlands. High single-family home values, rising interest rates and demand for low-density living have created ideal conditions for rent growth, low vacancy and healthy multi-family operations,” added Kevin Green, IPA executive managing director of investments. “The Venue at Orange is the first high-quality, stabilized multi-family asset to trade hands in the Inland Empire since 2021.”
The Venue at Orange comprises of seven three-story buildings with gated access and resort-style amenities, including a full-size swimming pool and spa, fitness center, co-working spaces, lounge and outdoor barbecue area. Apartment interiors have nine-foot ceilings, stainless-steel appliances, quartz countertops, walk-in closets and a private patio or balcony. The property is situated near major retail and employers, including Brookside Plaza, Downtown Redlands, Loma Linda Hospital, Loma Linda University, Amazon, Costway, Clorox and AutoZone.
Sourced from Institutional Property Advisors.
-David Nusbaum
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