November 16, 2020, 9:00 AM
Newmark announces that it has arranged the sale of a 21,736-square-foot, three-story office building in West Los Angeles for $11.55 million.
Newmark’s Executive Managing Director Sean Fulp, Managing Director Ryan Plummer, Director Mark Schuessler and Associate Ryan Tetrault represented the seller, MG Skinner. The buyer was Safco Capital Corporation.
“We received outsized interest in Camden Gardens despite the economic, health and political uncertainty,” Fulp said. “Private investors continue to believe that office will thrive in West LA once the clouds clear.”
The property, known as Camden Gardens, is located at 11030 Santa Monica Blvd. and features an atrium-style design that is centered around an outdoor, common garden. The property is currently 100 percent leased to eight tenants.
Conveniently positioned within three blocks of the I-405 freeway, the property benefits from a central Westside location and is accessible to the surrounding communities of Bel Air, Brentwood, Beverly Hills, Century City, Westwood, Santa Monica, Culver City and Sherman Oaks.
Since the onset of the pandemic, Newmark’s Private Capital Group has closed 15 transactions totaling more than $320 million, with the majority of the buyers being comprised of private investors. Despite the volatility in the marketplace which has sidelined many institutional investors, private capital continues to remain active and seek well-located, generational assets such as Camden Gardens.
According to Newmark Research, West Los Angeles continues to see record high asking rents, but with landlords still in a phase of price discovery rents will likely begin to trend down. The Westside saw a rise in vacancy rates with the largest absorption hit in the region in third-quarter 2020; the submarket also leads the region in sublease availability.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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