LA Developed Acquires Office Building At 3205 Ocean Park Boulevard In Santa Monica For $7M

The property involved in the transaction is an office asset located at 3205 Ocean Park Boulevard in Santa Monica. The sale price was $7,000,000, with a total of 13 units, resulting in a price per unit of $538,461. The total square footage of the asset is 16,700, translating to a price per square foot of $419.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $7,000,000
• Units: 13
• Price Per Unit: $538,461
• Square Footage: 16,700
• Price Per Square Foot: $419
• Buyer: LA Developed: Chuck Dorfman & Lior Yehuda
• Seller: Greg Bay
• Buyer's Representative: Filip Niculete & Glen Scher - Marcus & Millichap
• Seller's Representative: T.C. Macker & Woody Cook - WESTMAC Commercial Brokerage Company

The transaction highlighted the involvement of local developer Chuck Dorfman and Lior Yehuda, who plan to redevelop the property into a luxury multifamily building that will include 102 units and 126 subterranean parking spaces.