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11/17/20
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Safco Capital Corporation closed on the acquisition of a 21.7k sf, three-story office building in West Los Angeles for $11.55 mil ($532/sf). It was sold by MG Skinner.
The property, known as Camden Gardens, is located at 11030 Santa Monica Blvd, two blocks east of Sepulveda Blvd, and features an atrium-style design that is centered around an outdoor, common garden. The building is currently 100% leased to eight tenants.
Conveniently positioned within three blocks of the 405 Fwy, the property benefits from a central Westside location and is accessible to the surrounding communities of Bel Air, Brentwood, Beverly Hills, Century City, Westwood, Santa Monica, Culver City and Sherman Oaks.
Sean Fulp, Ryan Plummer, Mark Schuessler and Ryan Tetrault represented the seller in the deal.
According to Newmark Research, West Los Angeles continues to see record high asking rents, but with landlords still in a phase of price discovery rents, those numbers are likely to begin trending down. The Westside has seen a rise in vacancy rates and the submarket currently leads the region in sublease availability.
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