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7/17/15
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A private investment group has paid $15.65 mil for a three-building, 35.9k sf ($436/sf) medical office complex in Manhattan Beach. Situated on a 1.5-acre corner lot, the property is located at 500 S. Sepulveda Blvd, near the intersection of Sepulveda and Artesia Blvds.
The property consists of three, two-story buildings along with a small retail element that houses related businesses, plus landscaped outdoor common areas, and parking for 126 automobiles in subterranean and surface parking facilities. It was built in 1976.
Colliers Executive Vice Presidents Eric Lastition and Geoff Ludwig, who are both based in the brokerage firm’s El Segundo offices, represented the seller, Manhattan Beach Mall LP, a limited real estate investment partnership. The buyer was West Ridge Rentals LLC, an El Segundo-based investment group that is evaluating possible renovations to the center.
According to Lastition, “The property fully fits the profile of what investors are looking for – a well-maintained property with a nearly continuous zero vacancy rate and a central location near the patient populations its health professional tenants serve. In this case, that includes all of the densely populated beach communities of the South Bay.”
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