CULVER CITY, CA–The red-hot Culver City office market has oneless property for sale. A three-story, 51,288-square-foot buildingat 6133 Bristol Parkway has sold for $12.65million.

Jones Lang LaSalle's managing directorsSteve Solomon and ChrisStrickfaden represented the seller,Praedium/Palisades Partners. The buyer,APW Bristol Parkway Associates LLC, wasrepresented by James Hooks ofCresa and Lee & Associates.The off-market transaction was all-cash and no renovations areplanned. The buyer is expected to obtain new debt on theproperty.

“Hot market,” Solomon tells GlobeSt.com. “(It's a) West L.A.,Santa Monica alternative. Rent is about 50% less than those two hotmarkets. Rents for 6133 are about $2.25 full service gross and WestL.A. or Santa Monica rents are $3.00-$5.50.”

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.