BEVERLY HILLS, Calif.--(BUSINESS WIRE)--StarPoint Properties, a real estate investment and operating company that acquires and repositions undervalued properties to deliver above-market returns, has sold 34,195 square feet of prime land at 1733 Ocean Avenue in Santa Monica, California. The improved parcel, which is subject to a ground lease, is 1½ blocks from the Pacific Ocean and within walking distance of the Downtown Santa Monica Metro Expo Line light rail station at 4th Street and Colorado Ave. The buyer was an institutional real estate private equity investment group. Bob Safai of Madison Partners handled the sale as the listing broker.
“The offering was broadly marketed and received deep institutional investor interest, including competitive bids from publicly-traded REITs, pension fund advisors, opportunity funds, and high net worth private investors,” said StarPoint CEO Paul Daneshrad.
Daneshrad commented further that, “The price achieved for the sale of the land at 1733 Ocean Avenue is in line with a string of recent high-profile land sales in West Los Angeles and is indicative of the superior supply/demand fundamentals of Santa Monica and Silicon Beach and tremendous investor appetite for a rare generational land opportunity.”
About StarPoint Properties
StarPoint Properties (www.starpointproperties.com) is a real estate investment and operating company founded in 1995 focused on the acquisition, development and redevelopment of undervalued commercial properties in high-growth sub-markets throughout the United States. StarPoint has acquired more than 10 million square feet of commercial and residential properties with a current portfolio valued at about $800 million. Since inception, StarPoint has delivered an average annualized return to its investors over of 35 percent.