SANTA MONICA, CA—In an all cash deal, Los Angeles-based real estate investor Philip Orosco and his firm Pacshore Partners have acquired from The Lionstone Group a 38,000 square-foot mixed-use building at 631 Wilshire in Santa Monica for $20 million. The transaction is the third acquisition in Santa Monica in the last six months for the former Maguire Partners executive.
The four-story art deco building at 631 Wilshire, features 11,000 square feet of ground floor retail, 17,000 square feet of creative office space with 11 foot ceiling heights, and four 2,500 square-foot residential loft units on building’s abbreviated fourth floor. Built in the 1950s, the residential lofts and a recreation room were added to the original two-story building in the late 1990s at a cost of more than $4 million. 631 Wilshire was 55 percent leased at the time of sale, and tenants include digital production and design studio Big Block and global IT firm EMC Corporation.
Pacshore will undertake a multimillion capital improvement program that will include major façade and entry improvements, new private outdoor spaces, and renovation of the fourth floor residential units, according to Tom Majich of Los Angeles-based Industry LTD, which is overseeing the construction. The new owners are now in discussions with local restaurant operators and will convert the 4,000 square-foot third floor recreation room into creative office space with private roof decks facing the newly renovated Reed Park.
Jim Jacobsen and Scott Rigsby of Industry Partners and Michael Moore and Tom Bohlinger of CBRE represented the seller. Pacshore represented itself in the purchase of the property.
This is the third major acquisition of Los Angeles Westside commercial real estate asset in the past six months for Pacshore, one of the most active buyers of non-traditional assets in Los Angeles County.