Montana Avenue Sells The Station for $31M

Montana Avenue Capital Partners, the Santa Monica-based real estate company, has sold The Station in El Segundo for $31 million -- or $580 per square foot -- only a year after purchasing the office property for $11.3 million. Montana Avenue spent that time repositioning the 53,778-square-foot building at 2201 E. El Segundo Boulevard with several outdoor workspaces, in addition to having a Metro station at the creative office building, prompting the property rebrand to The Station. The building was sold to AGI Properties, which was looking for an exchange buy after selling a Costco in Torrance; JLL represented Montana Avenue Capital Partners in the transaction.

"This is highest price per square foot for an investment building that is over 25,000 square feet," Steve Solomon, managing director at JLL, told GlobeSt.com. "This passes the last highest comp in the market by about 80%." Solomon went on to tell Bisnow that AGI Properties was attracted to the building for its stable tenant: L'Oréal, which recently signed an 11-year lease for the entire building with move-in expected in Q4. "Timing is always key in all real estate deals," Solomon said. "Certain parts of El Segundo are actually as in much demand as Manhattan Beach."

For more news and information visit Blumberg Partners.

Montana Avenue Getting Creative with Industrial

Montana Avenue Capital Partners (MAC), a Santa Monica, CA-based real estate company, has purchased a Class C industrial building at 2400 Marine Avenue in Redondo Beach, CA with plans to convert it into a creative office property. MAC purchased the property for $9.5 million from its original owner, Klein Family Partnership, with plans to invest another $2 million in the conversion, which will be rebranded as a collaborative workspace called "LINQ on Marine." Full terms of the deal were not disclosed. MAC was represented by JLL’s Steve Solomon, who will also handle the building’s leasing. The seller, Klein Family Partnership, was represented by JLL’s Luke Staubitz, Harvey Beesen and Andrew Dilfer.

"The South Bay continues to be transformed into a highly desirable location for companies looking for creative office space," said JLL Los Angeles' Steve Solomon. "2400 Marine Avenue is ideal for companies to attract and retain highly sought after professionals in this competitive environment. We have seen interest from several industries from healthcare to trade and imports to fashion apparel to technology and new media."

New features of the metro-adjacent property will include: polished concrete floors and exposed ceilings, glass roll-up doors, skylights, indoor/outdoor collaborative workspace and wraparound patio spaces, EV charging stations, new tenant signage, and upgraded landscaping.

For more news and information visit Blumberg Partners.