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9/06/17
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MDC Realty Advisors purchased a 23.5k sf building in Santa Monica for $30.5 mil ($1,296/sf), as part of a 1031 exchange. The building is located at 1315 Lincoln Blvd, in the city’s highly sought after “Silicon Beach” trade area, home to over 600 tech, media, entertainment, and creative companies.
Situated in the heart of Downtown Santa Monica, the building is midway between Wilshire and Santa Monica Blvds, just blocks away from the Third Street Promenade and Santa Monica Place. The two-story, architecturally unique building was 100% occupied at the time of sale.
Built in 2005, 1315 Lincoln features 22-foot high ceilings and modern, creative office space with private patios. The property also includes a subterranean parking garage containing 136 parking spaces, which equates to 5.78 spaces per 1,000 rentable square feet – a rare amenity given Santa Monica’s infill location.
Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, Joss Realty Partners, in this fully marketed transaction that achieved record-level pricing. The transaction closed at a 5% cap rate.
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