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BEVERLY HILLS, CA-Locally based North American Realty has acquired a 36,099-sf office building at 8350 Wilshire Blvd. from Sandstone Properties of Santa Monica for more than $10.2 million. The three-story building, which Sandstone had owned since the mid-1990s, includes three levels of below-grade parking.Greg Sackler, a Sandstone Properties partner, tells GlobeSt.com that the deal was an off-market sale and that Sandstone elected to sell because the timing was right. Occupancy was about 87% at the building, where the major tenants include investment securities firm M.L. Stern, which maintains its corporate headquarters and main office at the building.Sandstone represented itself in the sale, with the buyer represented by Bob Safai and Mitchell Stokes of Madison Partners. Safai also arranged debt financing for the buyer through GMAC, which provided a 75% loan on the property.Safai notes that this is one of the first deals in which Madison Partners has arranged the financing, a new specialty that the brokerage firm has taken on lately. He calls the expansion into financing “a natural step in our evolution as a real estate brokerage.”Safai says he will continue to arrange debt financing, both for deals in which he acts as a broker and in other cases as a finance arranger only. He says his firm “can fill a niche for providing real estate debt financing for the smaller investor and high net worth individuals who do not have the same kinds of relationships with lenders as institutional investors have.”Sackler and Eri Kroch own and operate Sandstone Properties, a property management firm. Separately, they invest in commercial real estate, in some cases with high net worth individuals as partners. The two partners began acquiring commercial real estate in 1994 and own a portfolio of more than 50 properties, primarily in Southern California, valued at in excess of $300 million.

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