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Redcar Ltd. Acquires Santa Monica Office Buildings For $28M

Property Image
SOLD
$28,000,000
Scott Rigsby
Jim Jacobson
George Wilson
+ 3

California

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Office17,684 SF
Sold 07/16/2020
the dealplayerscompscontact
Property Image
SOLD

Redcar Ltd. Acquires Santa Monica Office Buildings For $28M

1630 Euclid Street, Santa Monica, CA, USA

See Similar Deals
Office17,684 SF
Sold 07/16/2020
Scott Rigsby
Jim Jacobson
George Wilson
+ 3
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$1,583
Total Square Footage:17,684 SF
Transaction Type:Sale

The office property located at 1630 & 1634 Euclid and 1606 & 1620 Euclid in Santa Monica has been sold for a price of $28,000,000. The total square footage of the property is 17,684 square feet, with a price per square foot of $1,583. The sale also included a land square footage of 27,131 at a price per land square foot of $1,032.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $28,000,000
  • Square Footage: 17,684
  • Price Per Square Foot: $1,583
  • Land Square Footage: 27,131
  • Price Per Land Square Foot: $1,032

The buyer of the property is Redcar Ltd., represented by Jim Jacobson and Scott Rigsby from Industry Partners. The seller was represented by George Wilson, David Wilson, and Brad McCoy from Lee & Associates West LA Inc.

Players

Brad McCoy
Lee & Associates
Brad McCoy
44 deals$631.9M volume
BROKER
David (Dave) Wilson
Lee & Associates
David Wilson
34 deals$562M volume
BROKER
Jim Jacobson
Industry Partners
Jim Jacobson
2 deals$30.5M volume
BROKER
Scott Rigsby
Industry Partners
Scott Rigsby
5 deals$52.8M volume
BROKER
George Wilson
Lee & Associates
George Wilson
15 deals$178.4M volume
BROKER
Jim Jacobsen
Jim Jacobsen
6 deals$94.9M volume
BUYER

Details

SOLD
IMAGE: George Wilson, Brad McCoy & David Wilson DATE: 07/16/2021 ADDRESS: 1630 & 1634 Euclid , 1606 & 1620 Euclid MARKET: Santa Monica ASSET TYPE: Office BUYER: Redcar Ltd. - Jim Jacobsen BUYER’S REP: Jim Jacobson & Scott Rigsby - Industry Partners SELLER’S REP: George Wilson (@OG_GeorgeWilson), David Wilson (@CreativeOffice365) & Brad McCoy (@BradfordMcCoy) - Lee & Associates West LA Inc. SALE PRICE: $28,000,000 SF: 17,684 ~ PPSF: $1,583 LSF: 27,131 ~ PLSF: $1,032

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,493,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$99,478.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$132,734.28
Annual Debt Service$1,592,811.42