PACIFIC PALISADES, CA—Optimus Properties has purchase the Atrium, a 30,000-square-foot office and retail property in the Pacific Palisades. The investor purchased the property out of foreclosure from an unnamed investor for $11.35 million, or $387 per square foot, with a 5% cap rate.

"We were drawn to this asset because of its low per foot, the fact that Pacific Palisades is an A+ location, its proximity to the new Caruso retail development and the opportunity the property presented us to renovate the building and retenant it at market rents," Kamyar Shabani, co-founder of Optimus Properties, tells GlobeSt.com.

Located at 860 Via de la Paz in Pacific Palisades, the property stands six stories tall with 30,000-square-feet of rentable space and a 63-stall subterranean parking structure. According to Optimus, the property, which has a 16% vacancy rate, had never been properly marketed for lease. The investor plans to upgrade the exterior and common areas of the property as well as the interior office units as leases roll. Bob Safai of Madison Partners represented both the buyer and the seller in the transaction.

As Shabani mentioned, the Pacific Palisades location was one of the reasons Otimus was attracted to the opportunity. It helped, too, that Caruso recently announced plans to develop a 49,000-square-foot shopping center nearby, which will help to drive tenancy in the area. The investor believes that the shopping center development and renovations will add value to the asset in the long term.