OVERVIEW

Class A office in prime submarket

Address: 1315 Lincoln Boulevard

Location: Santa Monica, CA

Square Footage: 23,531

Investment Profile: Core-Plus

Purchase Date: April 2015

Sale Date: August 2017

Purchase Price: $23,700,000

Sale Price: $30,500,000

INVESTMENT THESIS

Boutique Property in Prime Location

Core-Plus Upgrade Opportunity

Rare Parking Amenity

High quality, stabilIzed asset in space-constrained Santa Monica submarket

100% occupied with in place rents 20% below market

Parking capacity well in excess of competitive properties

EXECUTION

IMPROVEMENTS

Completed common area painting and signage improvements

RENT ROLL UPGRADE

Renewed and expanded large tenant at new market-high lease rate

PARKING MANAGEMENTS

Brought in parking operator to improve space utilization and cost flow

RESULTS

Sold for $30.5 million (29% above purchase price)
For a net IRR to investors of 17%