Manfred Schaub of Cushman & Wakefield reports that Dr. David Lee's Jamison Properties, the largest property owner in the Mid-Wilshire office market with nearly 9 million sf, has acquired a 46,800-sf office building at 4322 Wilshire Blvd. in the Miracle Mile for $6.7 million. Schaub, who brokered the transaction, says seller, Retra Financial had owned the three-story marble clad office building since 1999. The eight-year old building is currently 60% leased and includes tenants Remax Commercial, Lindora, AAZA Advertising, US Congresswoman Diane Watson along with other legal and real estate professionals.
In a separate transaction, Sunny Hills Palladium sold an 18-unit rent controlled apartment building at 5511 W. Olympic Blvd. to the Schames Family Trust, which plans to undertake a full renovation of the property and convert the building to market rate rents. Schaub represented the seller, with the buyer represented by Nelson Shelton & Co.
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