Civicap Partners Acquires Office Building In Los Angeles For $35.8 Million With Bank OZK Loan
843 North Spring Street
$35,800,000
$291/SF
Building Size
122,700 SF
Asset Type
Office
Closing
Oct 15, 2025
AI
The property asset involved in this transaction is a cross-laminated timber office building located at 843 North Spring Street, Los Angeles, California. The building comprises 122,700 square feet and was sold for a total transaction amount of $35,800,000. The price per square foot for this property is approximately $292.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $35,800,000
- Buyer: Tom Bacon & Jesse Madigan - Civicap Partners
- Seller: Jim Jacobsen - Redcar Properties
- Lender: Bank OZK
This sale represents a part of a larger portfolio acquisition. Tom Bacon and Jesse Madigan from Civicap Partners are the buyers, while Jim Jacobsen from Redcar Properties is the seller of the property. The financing for this transaction was provided by Bank OZK, which extended a loan of $42,300,000 to facilitate the acquisition.
Players
Los Angeles Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93