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2/08/16
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Unimat Real Estate Services paid $3.45 mil for a 15.7k sf ($220/sf) office property near downtown Los Angeles. Built in 1983, the two-story building is located at 137 N. Virgil Ave, at the intersection of Virgil and Beverly Blvd. It was 80 percent occupied at the close of escrow.
John Anthony, Chris Steck, and Chris Giordano of Charles Dunn Company represented the sellers, private investors from Los Angeles.
“Small office buildings that are located near the Downtown and Hollywood markets are becoming increasingly more attractive to users and investors as they offer smaller users a less pricey alternative to being in the heart of either Downtown Los Angeles or Hollywood, and investors have the opportunity to capitalize on a more competitive price per square foot,” said Anthony. “The buyer plans to renovate and reposition the asset in order to add value over the coming months.”
Anthony added that the selling entity, which is also a tenant at the property, is leasing back its space on the ground floor for an additional 12 months.
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