Jan
22
South Bay Office Building Changes Hands
ByPCCP LLC has provided a $29.1 million senior loan for the purchase of a nearly 89,000-square-foot, eight-story office building near the LAX Airport.
A joint venture of Stanton Road Capital and Second City Real has acquired an eight-story office building in El Segundo, Calif., for $35.5 million. PCCP LLC provided a $29.1 million senior loan for the transaction, with David Milestone and Brett Green of NKF Capital Markets arranging the financing. According to Yardi Matrix data, the previous owner purchased the asset in 2011 for $23.9 million.
The 88,923-square-foot building is located at 898 Sepulveda Blvd., near the Los Angeles International Airport. The asset was constructed in 1979 and renovated in 2000. The property includes a six-level parking structure, which serves the office building as well as the airport parking operations, providing a constant source of revenue to the owner…
