Samek says that Broadreach sees Santa Monica as "a supply-constrained market with strong demand" where vacancies continue to decline and the company expects rental rates to rise for the foreseeable future. The two-story class B stucco and glass campus style building is located at 2701 Ocean Park Blvd. at 28th Street near the Santa Monica Airport.
Built in 1987, Ocean Park Plaza is 92% leased following the signing of KellerWilliams Realty to a 16,143-sf lease that closed during escrow. Samek says the Broadreach business plan involves a comprehensive redevelopment of the project with improvements to building systems and substantial cosmetic upgrades.
Broadreach represented itself in the acquisition, with the seller represented by the CB Richard Ellis team of Stan Gerlach, Joe Kimaz and Bryan Dunne. Broadreach has selected Gerlach, Kimaz and Dunne to provide leasing services and Tiarna Real Estate Services of Orange County to provide day-to-day on-site property management services.
With the purchase of the Santa Monica asset, the Broadreach Southern California portfolio totals approximately three million sf of office properties and land with a stabilized value of nearly $1 billion. The private equity firm maintains locationsin Palo Alto, Los Angeles, San Francisco, St. Louis and Edwards, CO.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.