Kevin Shannon of Grubb & Ellis in Torrance says Jamison Properties bought the 78,463-sf Royal Beverly Glen Plaza office building at 10390 Santa Monica Blvd. from Los Angeles-based Royal Investment System Partnership Inc. Shannon and David Thurman of Grubb & Ellis in West Los Angeles represented both buyer and seller.
Lee's new West LA property is a three-story, steel frame building that was built in 1986 and 70% leased at the time of the sale. Shannon notes the purchase was a continuation of Lee's expansion outside the Mid-Wilshire market, where he established his reputation for buying office buildings with substantial occupancies and then filling them with tenants.
Lee's new Downtown purchase is a building at 2024 W. Sixth St. that he acquired from Alvarado Grand Plaza LLC of Los Angeles, according to Albert Shilton of Charles Dunn's West LA office. Shilton represented Jamison Properties, with the seller represented by Janet Neman, also in Charles Dunn's West LA office. The 2024 W. Sixth St. property was built in 1990.
It is a five-story building that Shilton called a "rare opportunity" because the apartment units do not fall under the City of Los Angeles rent control ordinance, meaning the buyer can renovate and raise rents if he chooses. The apartments consist of 34 singles on floors three through five, all of which were occupied at the time of the sale. The retail space totals 28,545 sf on floors one and two.
Although Lee is best known for his Mid-Wilshire office building portfolio, he has expanded outside its limits in the past year with purchases that included the Banco Popular building in Downtown LA. Jamison Properties also owns apartments and retail in addition to its office portfolio.
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