Co-Educational School Acquires 2701 Ocean Park Boulevard Medical Office In Santa Monica For Cash

The property asset involved in the transaction is Ocean Park Plaza, located at 2701 Ocean Park Boulevard in Santa Monica, CA. It is a medical office building with a total square footage of 100,700. This asset has been sold in an all-cash deal to an undisclosed co-educational school, which plans to convert the largely vacant property into a new campus, thus removing it from the local office inventory.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: Not disclosed
• Address: 2701 Ocean Park Boulevard
• Market: Santa Monica, CA
• Square Footage: 100,700
• Buyer's Representatives: Tim Dornin and Scott Rigsby - Industry Partners; Daniel Pickart - Newmark
• Seller's Representatives: Sean Fulp, Mark Schuessler, Todd Tydlaska, Jordan Garcia, and Blake Hammerstein - Colliers

This transaction signifies a shift in the Ocean Park submarket, where office properties are increasingly being redeveloped or repurposed. The deal highlights a tightening in office supply and an enhancement in demand for the remaining high-quality office spaces.