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1/25/16
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A 13.3k sf Bank of America building in West Los Angeles was acquired by a private investor after the listing generated more than 16 all-cash offers for the property. The building sits on a 38k sf land parcel at 11501 Santa Monica Blvd, a few blocks west of the 405 Fwy.
Although the price was not disclosed, we can tell you that the transaction closed in less than 30 days at a capitalization rate of below 2 percent. According to the brokers involved in the sale, this was the lowest cap rate ever recorded for a long-term, single-tenant lease in L.A. County.
CBRE’S Alex Kozakov, Patrick Wade, and Fred Aframian represented both the buyer and the seller, Gramercy Property Trust, in the transaction.
“This sale is symbolic of the high demand for quality retail space in West Los Angeles,” said Wade. “This building sits in one of the hottest neighborhoods in the city that has been seeing tremendous rent growth and appreciation in property prices.”
Fourth-quarter asking lease rates in West L.A. jumped 6.9 percent to $7.16 a square foot from $6.70 in the prior quarter, according to CBRE data.
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