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LOS ANGELES-Redwood Capital Partners of Newport Beach has acquired the 110,000-sf Commerce Park office project on the border between Santa Monica and Los Angeles from Pacific Structures LLC of Santa Monica for slightly more than $29 million. The property is a three-story office campus on more than five acres.

The Commerce Park property was on the market for less than a month before it sold, according to Bob Safai of Madison Partners, which brokered the deal and also arranged financing on the project recently. Even in a market where demand for office buildings is high, the sale represented a quick close.

The Commerce Park property, which is on a ground lease, produces $2.2 million of net operating income and presented “a rare opportunity to acquire a very desirable stake in one of Los Angeles County’s best-performing markets,” Safai says. Safai and Mitch Stokes of Madison Partners executed the deal on behalf of Pacific Structures.

Pacific Structures listed the property with Madison Partners after Madison arranged a 10-year, $23.3 million refinancing of the property on the seller’s behalf. Built in the late 1970s and recently renovated, the one- and two-story buildings are located at 3211 Olympic Blvd., 1811-1855 Centinela Ave. and 3212-3232 Nebraska Ave.

The Commerce Park project is in an area that is home to many entertainment, architecture, arts and production companies. It is in a Westside Los Angeles office market where the vacancy rates have dwindled to some of the lowest in the region and the asking rents rank among the highest in the region.

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