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10/21/15
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A six-story, 119.5k sf office building in El Segundo was acquired by a partnership made up of Roxborough Fund I, an affiliate of San Francisco-based real estate investment firm The Roxborough Group LLC, and Montana Avenue Capital Partners LLC, a Santa Monica-based investment and management firm. The price was not disclosed.
The 99% leased building is located at 1700 East Walnut Ave, west of Sepulveda Blvd and south of Imperial Hwy, in an area that is part of the “Silicon Beach” technology cluster of West Los Angeles. The property benefits from its close proximity to LAX and the highly coveted beach communities of Manhattan Beach, Hermosa Beach and Palos Verdes.
The immediate area boasts a variety of amenities, including lifestyle retail centers, The Edge and The Point, new and redeveloped hotel properties and numerous walkable food options including a newly delivered In-N-Out Burger. In addition, the property offers excellent transportation access at the intersection of Sepulveda Blvd. and the 105 Freeway and is within walking distance to multiple metro stations.
1700 East Walnut marks the first acquisition for the partners, who plan to reposition the property by activating the common areas and public outdoor spaces through a modern upgrade. MAC has been involved with other creative space conversions in the area, including “The Station” at 2201 E. El Segundo, “The Landing” at 2040 Mariposa and “linq” at 2400 Marine and plans to bring that direct expertise to the property.
As part of their repositioning, MAC and Roxborough’s plans include cosmetic upgrades to the exterior, a full renovation of the office lobby and entrance, as well as improvements to the signage and public outdoor areas including an expansion and redesign of the common area amenities. The repositioning is designed to take advantage of the significant demand from tenants for creative office space by offering a modern collaborative environment at an attractive price point.
CBRE Vice Chairman Kevin Shannon, along with Ken White and Mike Moore, represented the seller, USAA Real Estate.
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