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LOS ANGELES-Blue Real Estate Management of Beverly Hills has purchased the historic Fine Arts Building from 811 Investors LLC of Los Angeles for approximately $12.7 million.

Sean Sullivan of the Downtown LA office of CB Richard Ellis Inc. tells GlobeSt.com that the designated historic building at 811 W. Seventh St. in Downtown Los Angeles is approximately 88% occupied and had been owned by the seller for approximately five years. Sullivan was part of a CB Richard Ellis team including Thomas Bohlinger and Bruce Asper, also in the Downtown office, that represented the seller. Buyer Blue Real Estate represented itself, with Richard Scandaliato of Minneapolis-based NorthMarq Capital Inc.’s Newport Beach office arranging the financing for the buyer.

The Fine Arts Building–originally designed to offer an ornate exhibit hall for artist studios, artisan workshops and showrooms–is a 12-story, 106,000-sf office building that was built in 1926. It was designed by the architectural firm of Walker & Eisen, known for crafting a number of prominent buildings in Los Angeles.

The original exhibit hall now functions as the main lobby for what Sullivan describes as “one of the finest, historic, office buildings in Downtown Los Angeles.” The cathedral-like two-story, courtyard lobby is a Spanish Renaissance design, fabricated by Batchelder Studios, a prominent Southern California enterprise.

The selling entity was a partnership that included Michael Barker of Barker Pacific Group, which had offices in the building. Buyer Blue Real Estate Management is privately held real estate investment and management company founded by James Ries. The Fine Arts Building represents Blue Real Estate’s 13th major office building acquisition in Southern and Central California.

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