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11/16/16
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A joint venture of Brightstone Capital Partners and Artisan Realty Advisors recently purchased Lantana Media Campus, a 478.7k sf office complex in Santa Monica, for $400 mil ($835/sf). In the transaction, Mesa West Capital provided financing of $283 mil to be used for the acquisition and renovation of the four-building asset.
The property was acquired from Jamestown, based out of Atlanta, which purchased the buildings in 2013 from Houston-based Lionstone Group for around $300 mil. At the time of Jamestown’s buy, Lantana had also included a fifth, 67k sf building, which was sold by Lionstone in a separate deal to The Recording Academy, the musician’s organization that awards the Grammys each year.
Lantana Media Campus is comprised of four distinct Class A office buildings on a 12-acre site at 2900 and 3000 West Olympic Blvd, and 3003 and 3301 Exposition Blvd in Santa Monica’s “Media District.” The office campus is leased to a variety of entertainment and media companies including Dick Clark Productions and Beachbody.
The new owners’ planned upgrades to the property include fresh, contemporary approaches to the lobbies, elevators and restrooms, as well as new enhancements designed to activate and energize interior private courtyards and the addition of a robust, on-site amenity package.
The seven-year, floating rate non-recourse financing was originated out of the private lender’s open-ended Mesa West Core Lending Fund, which provides lower leverage first mortgage loans up to $300 mil on stabilized core assets. A portion of the loan proceeds will be used to help fund a comprehensive, multi-million dollar renovation program, according to Mesa West’s Steve Fried and Jason Bressler, who led the origination team out of the firm’s Los Angeles office.
“The principals of Brightstone and Artisan have previously executed value-add business plans on high-quality assets throughout the country,” said Fried. “We are confident in their ability to do the same with the Lantana Media Campus, a landmark asset in the supply-constrained Santa Monica market.”
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