SANTA MONICA, Calif.--(BUSINESS WIRE)--In one of the most sought-after medical office submarkets in Southern California, Lincoln Property Company, in partnership with Linwood Ventures and Artemis Real Estate Partners, has sold 2825 Santa Monica Boulevard, a premier medical office building in Santa Monica, to Stockdale Capital for $38.5 million.
2825 Santa Monica Boulevard is a Class-A medical office building situated on .6 acres at the intersection of Santa Monica Boulevard and Yale Street in the center of Santa Monica’s highly sought-after 1.5 million square foot medical office market. The three-story building totals 54,246 square feet – yielding a sale price of $710 per square foot – and includes two levels of subterranean parking and an open courtyard.
The property is centrally located among other world-class medical facilities, including Providence Saint John’s Health Center, UCLA Medical Center-Santa Monica, Ronald Reagan UCLA Medical Center, and the VA West Los Angeles Healthcare Center. In addition to being home to best-in-class health-care amenities, the area boasts medical leaders at the top of their field.
“Santa Monica has become an important medical hub on the Westside of Los Angeles,” said Scott Schonfeld, Principal of Linwood Ventures. “We are pleased the property will continue to serve the needs of its community by offering world-class health care services in a premier facility.”
Tenants include UCLA Jonsson Comprehensive Cancer Center / Translational Oncology Research Laboratories (TORL), UCLA Health Santa Monica Pediatrics, Tao of Wellness and a number of other private medical and dental practices. During its ownership, Lincoln and Linwood made improvements that include new ADA-compliant restrooms, energy-efficient lighting upgrades and exterior painting. Occupancy hit 100% earlier this year through the expansion and renewal of UCLA’s Cancer Center. Jim Bailey and Luke Palmo with Coldwell Banker Commercial WESTMAC represented UCLA in that lease.
“Our acquisition and subsequent sale of 2825 Santa Monica Boulevard represents Lincoln’s commitment to add value and ensure success as an owner, operator and manager of Class-A office space in Southern California,” said David Binswanger, Executive Vice President at Lincoln Property Company. “Along with our partners, Lincoln was able to sell this property at 100% occupancy—an achievement in any real estate market.”
Bob Safai, Matt Case, and Brad Schlaak of Madison Partners brokered the transaction.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpc.com for more information.
About Linwood Ventures
Founded in 2010, Linwood Ventures is a real estate investment and management company focused on value-add office and retail projects in select infill markets throughout Southern California. Linwood targets opportunistic acquisitions that offer significant value creation and uses its expertise to reposition each asset. To date, Linwood has acquired nine investments totaling $156 million and comprising over 400,000 square feet in Los Angeles and San Diego counties.
About Artemis Real Estate Partners
Artemis Real Estate Partners is a majority-women owned real estate investment management firm founded in 2009 and headquartered in the Washington D.C. metropolitan area. Artemis invests with best-in-class local operating partners, both established and emerging, in multifamily, office, industrial, retail and senior housing across opportunistic, value added and enhanced core strategies. Artemis has raised nearly $2 billion of investor capital across two commingled value-add/opportunistic fund vehicles, an enhanced core emerging manager separate account with The New York State Common Retirement Fund, and a co-investment platform with New York City Retirement Systems. Artemis's sole focus is U.S. commercial real estate.