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%
JOSS REALTY PARTNERS LLC
650 Fifth Avenue, Suite 2400
New York, New York 10019
Phone (212) 710-8193
