Lowe Sells Medical Building

BRENTWOOD, CA-Lowe Enterprises Investment Management Inc. has sold the West Wilshire Center medical office building at 11600 Wilshire Blvd. to a private investor on behalf of a pension fund client.

The price was not disclosed, but knowledgeable sources estimate the buyer paid $14 million for the 55,000-sf property at Wilshire and San Vicente Boulevards, which Lowe acquired in May 2000 in conjunction with the acquisition of the adjacent office tower.

Lowe has retained ownership of the 180,000-sf adjacent office tower, at 11620 Wilshire, and will continue to manage it. The building recently underwent a $2 million renovation to its main lobby, entrance and common areas.The medical office building is 99% leased, according to Ted Leary, president of Lowe Enterprises Investment Management. Bob Safai of Madison Partners represented both the buyer and seller in the transaction.

Lowe Enterprises Investment Management is the wholly owned investment management subsidiary of L.A.-based Lowe Enterprises Inc., a national investment, management and development firm.