The property asset involved in this transaction is a life sciences facility located at 1752-1756 Cloverfield Boulevard in Santa Monica. It encompasses 15,770 square feet and sits on a 0.75-acre lot. The sale price for this property was $11,000,000, which amounts to a price per square foot of $698.

Summary of transaction details:

• Property Type: Life Sciences
• Transaction Amount: $11,000,000
• Address: 1752-1756 Cloverfield Boulevard
• Market: Santa Monica
• Square Footage: 15,770 sq ft
• Acres: 0.75
• Buyer: Michael Sorochinsky - Cypress Equity Investments
• Seller: HSJ Properties, LLC
• Brokers: Charles DeSantis & Fred Aframian - Kidder Mathews
• Price per Square Foot: $698

This transaction marks the first sale of the property since its construction in 1958. The fully built-out lab is currently leased to TAE Life Sciences, and it offers potential for future redevelopment in a market with constrained supply. The brokers representing this deal were Fred Aframian and Charles DeSantis from Kidder Mathews.