December 14, 2016
West L.A-based Palisades Capital Partners acquired a trophy mixed-use asset in downtown Santa Monica from Los Angeles-based PacShore Partners and NY-based GreenOak Real Estate LP, for $33 million. The 40,000-square-foot creative office and retail property is located at 631 Wilshire Blvd.
The Art Deco-inspired property, originally built in 1958, underwent more than $4 million in upgrades since 2013. Improvements include a remodeled lobby, outdoor common areas and locally focused murals.
The property also includes four lofts, featuring wood flooring, grand windows, and exposed wood beams. The revamped 11,000 square feet of retail along Wilshire Blvd. now includes such popular food venues as Mendocino Farms, Sidecar Donuts & Coffee, and Juice Served Here.
CBRE’s Mike Longo and Newmark Grubb Knight Frank’s Kevin Shannon, Rob Hannan and Ken White represented the sellers.
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