Redcar Properties Ltd. has purchased the three-building Westside Business Park in Culver City for $73.5 million, records show.
The company purchased the property, at 10301-10335, 10361-10375 and 10381-10395 Jefferson Blvd., from Lionstone Partners.
Tenants of the roughly 76,000-square-foot office complex include Xten Architecture and game developer Zynga Inc.
CoStar Group Inc. data shows that two of the three buildings were 100% leased at the time of the sale and the other was 84% leased.
Redcar plans to increase the amount of leaseable space at the complex, according to Urbanize Los Angeles.
Santa Monica-based Redcar owns 40 properties spanning 840,000 square feet. The company is largely focused on Culver City.
Redcar-owned buildings in the area include 3512-3516 Schaefer St., a property built in 1950 that Redcar acquired in 2017; 3030 S. La Cienega Blvd., a project completed in the 1960s that was previously an art supply store that Redcar is redeveloping into office space; and 8501-8517 Washington Blvd. and 3223 La Cienega Ave., a two-story office building with parking that will be converted to creative office and retail spaces.
The company also has projects in areas including Highland Park and Santa Monica.
The Office real estate market in Culver City has been booming.
During the third quarter of 2019, roughly 435,000 square feet of office space was under construction in the city and there were about 447,000 square feet of net absorption, according to data from Jones Lang LaSalle Inc.
Culver City's office vacancy rate in the quarter was 15.2%, down from 23% the same period the previous year.
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