407 W 7th St San Pedro

407 W 7th St San Pedro

Sherman Oaks-based real estate investment and management firm MWest Holdings has purchased a four-story, 89-unit, 128,200-square-foot condominium complex at 407 W. 7th St. in San Pedro for $36.3 million or nearly $407,600 per unit, from real estate investment company Bascom Group of Irvine.

The seller was represented by Jeff Rowerdink, Joe Leon, Jim Fisher and Mike Smith of Berkadia, a joint venture of Omaha, Neb.-based conglomerate Berkshire Hathaway Inc. and New York-based financial services firm Jefferies Financial Group Inc.

“San Pedro is a dynamic and emerging submarket, particularly given the ongoing investments in the area’s ports and waterfront, making the property a great asset for the buyer,” Rowerdink said in a statement.

The deal closed on Aug. 16.

The property, known as the San Pedro Bank Lofts, was built in 2007 and has easy access to the 110 freeway. It incorporates the historical façade of the old Bank of San Pedro building. State regulators seized the Bank of San Pedro in 1994 after a real estate slump and bad loans caused the lender to fail.

Several years later, two former bank officials and a lawyer were convicted in federal court of defrauding the bank out of $2.3 million the helped cause the bank’s failure.

Real estate reporter Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com or (323) 556-8337.

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