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2/05/15
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Ocean Park Plaza, a 101k sf, low-rise office building in Santa Monica, was sold by Broadreach Capital Partners. From what we understand, it was purchased by Westbrook Partners for around $47 mil ($465/sf), which is almost twice the $24.5 mil that Broadreach acquired it for in the first half of 2007.
Ocean Park Plaza is a two-story office building at 2701 Ocean Park Blvd, approximately two miles east of the Pacific Ocean and across the street from Clover Park in the Ocean Park area of Santa Monica. Built in 1997, the property has undergone $3 mil of capital improvements since 2007, including an open atrium that is well-suited to meet the amenity needs of creative office space users. The building is 90 percent leased to Conde Nast-owned MatchCraft, UCLA Health System, Keller Williams and Ocean Park Casting.
Andrew Harper, Michael Leggett and Ryan Gallagher of HFF represented Broadreach in the deal. Established in 2002, Broadreach Capital Partners is a real estate investment firm that focuses on western U.S. commercial and hotel and resort properties.
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