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9/02/22
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The Swig Company purchased a 96k sf office property in Santa Monica. The trade also includes a surface parking lot approximately one block away from the property.
Photo: Charles LeNoir Photography |
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3130 Wilshire has five levels of attached, secured parking and sits within easy reach of the I-405 and 10 Freeways. It is surrounded by numerous café and restaurant options, walkable amenities, and three high-end grocery stores including Bristol Farms and Erewhon Market.
The Swig Company plans to significantly invest in building upgrades including a modernization of the infrastructure systems as well as cosmetic improvements and the addition of various tenant amenities.
Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Kolcum with Newmark represented the undisclosed seller. Sean Fulp and Ryan Plummer, also with Newmark, assisted with the sale. The acquisition marks The Swig Compamy’s first purchase in Santa Monica. The firm owns four other major commercial office buildings in the greater Los Angeles area, with their footprint totaling almost 1 msf.
“The interest in this Westside office asset was tremendous and very competitive even in today's market,” said Shannon. “We had exactly a dozen family office buyers submit offers on this asset. Private capital isn't trying to time the market and is simply looking for an attractive entry basis in long-term desirable office markets, like Santa Monica.”
According to Newmark Research’s 2Q22 Capital Markets report, Los Angeles ranked second, behind Manhattan, among markets with the largest office investment sales in the first half of 2022. Quarterly investment volume overall, across all property types, increased 17.5% year-over-year, representing the third largest quarter volume total in history. While multifamily remains the most sought-after property type, office, retail and hospitality volume have normalized as investors have grown more confident about the recovery of travel and leisure spending as well as the return of more employees to the office.
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