Fabulous beachside homes are not the only desirable properties along L.A.’s coast.
Lincoln Property Co., in a joint venture with Centennial Real Estate Co., has snatched up the 104,000-square-foot mixed-use Sunset Coast Plaza office and retail complex at Sunset Boulevard and Pacific Coast Highway for $36.7 million.
The two Dallas companies purchased the Class A property at 17383 W. Sunset Blvd. in late July from Embarcadero Capital Partners LLC of Belmont. Embarcadero acquired the property in 2004 for $24.5 million.
The deal was the fifth office purchase for Lincoln in Los Angeles this year and the third it has done with Centennial in the last couple of years. Together, they own two office properties and one medical property in Santa Monica.
David Binswanger, executive vice president in Southern California for Lincoln, said the partners were attracted to the Pacific Palisades property because of its proximity to Santa Monica and its $354-a-square-foot price.
“We saw pricing in Santa Monica rise to more than $600 a foot and determined the opportunities there were going to be few and far between,” he said. “We bought this building at a huge price-per-pound discount.”
Scott Schonfeld, managing partner at Centennial, said the two companies plan to spend $1.6 million on a cosmetic renovation to update the building and an additional $1.4 million to rebrand and market the property and cover leasing costs.
“We’re currently working to finalize those plans and should be starting construction shortly,” he said. “It’s an A-plus location with outstanding views and we want to make the physical match that quality.”
As part of the rebranding, the companies will rename the property Sunset & PCH.
The complex, across the highway from seafood restaurant Gladstones, was built in 1989. The property was about 75 percent leased at the time of the sale.
Broker Bob Safai at Madison Partners represented both buyers and the seller in the sale.
Managing to Grow
Jones Lang LaSalle Inc. has added about 2.4 million square feet to its L.A. management portfolio.
The Chicago company, which has two offices in Los Angeles, acquired Houston property management company Means Knaus Partners LP, which has contracts for the 62-story Aon Center at 707 Wilshire Blvd. and the 42-story tower at One California Plaza. It also handles 600 Wilshire Blvd., 10351 and 12304 Santa Monica Blvd., and 27016 Media Center Drive.
With six additional office properties on its roster in Los Angeles County, Jones Lang LaSalle is the second-largest property management firm in the region, behind only CBRE Inc.
Peter Belisle, southwest region market director for Jones Lang LaSalle in downtown Los Angeles, said that while gaining property management ground was important for the company, so was snagging top-tier talent.
Nearly 100 workers from Means Knaus will transition into roles with Jones Lang LaSalle nationwide. Robert Nowak, former chief operating officer at Means Knaus, will join the downtown L.A. office of Jones Lang LaSalle as a managing director. Christa Duggan, Means Knaus’ former director of property management in Los Angeles, will join that office as a regional director.
Redwood Partners Inc., a landlord with nearly a dozen boutique apartment buildings in Los Angeles, downsized its holdings last week.
The real estate company, based in the Northern California town of Martinez, was expected to close an off-market deal to sell its 30,000-square-foot multifamily property at 3325 Canfield Ave., just north of the 10 freeway near Cheviot Hills, on Aug. 30. The buyer, Beverly Hills real estate investment firm Palm Heights LLC, agreed to pay $8.8 million for the property, known as the Lanshire House. Redwood bought Lanshire House in 2008 for $8.2 million.
The 27-unit apartment complex, built seven years ago, features a mix of studios, two- and three-bedroom units.
Sami Dinar, of Keller Williams Commercial in Beverly Hills represented the buyer. Keller Williams Commercial’s Michael Balson represented the seller.
Staff reporter Bethany Firnhaber can be reached at email@example.com or (323) 549-5225, ext. 235.
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