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LOS ANGELES COUNTY NEWS
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Investor Pays $500/sf for West LA Single-Tenant Building

5/14/15

A private investor paid $15.7 mil for a 31.2k sf ($503/sf), single-tenant building occupied by Stock Building Supply Holdings Inc, a large, diversified lumber and building materials distributor and solutions provider. The building is located at 3860 Grand View Blvd, between Venice Blvd and Washington Place near the popular West LA communities of Santa Monica, Culver City and Venice Beach.

Stock Building Supply had occupied the building for more than 20 years when the landlord announced plans in late 2014 to sell the property. At that time, Stock, having a first right of refusal, elected to purchase the building and immediately restructure the lease into a 15-year term.

Stock then put the property back on the market, targeting local and national investors who would be attracted to the quality credit tenant and long-term lease. The deal attracted immediate interest and eleven offers were generated in the first week of marketing.

Stock was represented through this process and in the sale by Chris Sands of Sands Investment Group (SIG). This latest sale closed at a 5.75% cap rate in an all-cash deal.

“The complex transaction provided Stock Building Supply with security in their destiny, by ensuring they could remain in their existing high-profile location and matching them with the right buyer – all in less than 60 days,” Sands noted.





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