Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WEST LOS ANGELES, CA-Alliance Commercial Partners bought the 148,727-sf Teleflora Plaza at 12233 W. Olympic Blvd. from Principal Capital Management for $21.8 million and plans a major renovation of the 22-year old office development, according to Bob Safai and Lynwood Fields of Madison Partners, who represented both the buyer and the seller in the sale of the property.

The new owner secured $22.5 million in financing to cover the purchase plus $7.5 million in renovations due to begin next year, according to Mike Guterman and Kevin McKenzie of Buchanan Street Partners, who arranged the funding.

The duo says the property was financed at 75% of cost on a three-year, floating rate loan. The renovations will include upgrades to the physical plant as well as cosmetic improvements to make the building more competitive in the West L.A. leasing market. The eight-building, garden-style office project was developed in 1980 on a 2.6-acre site and includes underground parking.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.