office building sale

T.C. Macker PR releases

KW COMMERCIAL AND WESTMAC COMMERCIAL BROKERAGE COMPANY ARRANGE $8.4 MILLION SALE OF OFFICE IN VENTURA, CA


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KW Commercial Calabasas and WESTMAC Commercial Brokerage Company have arranged the sale of 1500 Palma Drive in Ventura, CA for $8,400,000, or $233 per square foot.

Built in 2005, the two-story office building is comprised of approximately 36,000 rentable building area on approximately 77,101 square feet of land. It is home to a mix of office tenants on short term leases, and Barrister Executive Suites, who run the operating agreement for the co-working portion of the building.

1500 Palma Drive has a Class A office environment consistent with the hands-on, quality and care initiated by the Sellers since purchasing the property in 2007. The building features immaculate interiors, manicured exteriors, and has undergone upgrades in recent years; solar panels were installed on the roof in 2015. The interior lobby features high ceilings and high-end finishes. The exterior facade is impeccable, and the grounds are polished and are well-maintained.

The property is ideally positioned along U.S. Highway 101, providing unbeatable signage opportunity and brand exposure to an estimated 110,000 vehicles traveling past each day. It is a short distance from an abundance of restaurants and shopping, including Ventura Riviera and Ventura Gateway shopping plazas, and the Ventura Harbor. Additionally, 1500 Palma Drive is close to numerous technologies, aerospace, communications, agricultural, and manufacturing employers that call the region home.

“Ventura is the region’s leader in the healthcare and public administration sectors with a lack of inventory of well-located office buildings available for purchase in the market,” said Lee Black. At the close of escrow, there were only two office buildings with more than 20,000 square feet of building being offered for sale on Costar within a 10-mile radius of 1500 Palma Drive. “It has ample parking, allowable medical use, and it’s next-door to a 57,000 square foot Kaiser Permanente,” said T.C. Macker. “As a medical owner-user/investor, it was a rare find and the perfect fit for new ownership, who plans to occupy a portion of the building for their expanding medical practice,” Black added.

Lee Black, Veronica Black of KW Commercial Calabasas and T.C. Macker, CCIM, Jennifer Moscoso of WESTMAC Commercial Brokerage Company co-represented the Seller.

This transaction closed on January 8, 2021.

T.C. Macker PR releases

Coldwell Banker Commercial WESTMAC sells owner/user building near Downtown Los Angeles


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COLDWELL BANKER COMMERCIAL WESTMAC ARRANGES $1.625 MILLION OFFICE SALE TO USER NEAR DOWNTOWN LOS ANGELES

LOS ANGELES, CA – A national magazine publisher has sold its Los Angeles office building at 2401 Beverly Boulevard for $1,625,000 to an owner/user entertainment production company which will occupy the building.

“We sold the building next door for the same owner last year.” Michael Rojas said. The building size is 9,900 Square Feet and sits on a 24,524 Square Foot lot. And Mr. Rojas added “Additionally, the property is located near Downtown and the Downtown Center Studios.”

The team of Michael Rojas, <a href=”mailto:althouse, and T.C. Macker, CCIM of Coldwell Banker Commercial WESTMAC represented the Seller, 2401 Beverly LLC. Bob Pearson of Madison Partners represented the buyer, Beverly and Rampart LLC.

About Coldwell Banker Commercial WESTMAC and affiliates

Coldwell Banker Commercial WESTMAC is a Los Angeles based commercial real estate brokerage firm founded in 1988 by one of L.A.’s most recognized commercial real estate brokers Timothy C. Macker. Our firm is a full service real estate company that provides exemplary consultation, advisory and marketing services to property owners, users, developers and investors. Since 2000, the company has been an affiliate and franchisee of Coldwell Banker Commercial organization tracing its roots back to 1906.

Our 30+ professionals specialize in four distinct market niches: office, industrial, retail and multi-family properties. Among the primary services the firm provides are exclusive marketing of both for-sale and for-lease properties, representation of tenants seeking to lease commercial space, and consultation to real estate investors, developers and owners on the disposition or acquisition of commercial property.

The firm, which is 100% privately held, has been the top producing affiliate worldwide for Coldwell Banker Commercial for the last 3 years and 9 years in the “Commercial Elite” which honors the top 15 out of 220 offices worldwide. In addition to being the #1 office, we also had the distinction in 2007 and 2009 of having the #1 producer out of 3,400 professionals worldwide. The firm’s milestones are also apparent by the quality of its clients, which include major corporations to small businesses to individual investors.

Our standard is “The client’s best interest must be the guiding force behind all services.”