LOS ANGELES, Jan. 5, 2015 /PRNewswire/ — Optimus Properties, LLC has completed the $11.35 million purchase of a three-story, 30,000 S.F. office/retail building located at 860 Via de la Paz in Pacific Palisades.
The building, currently named the Atrium, was in foreclosure and had not been properly maintained or marketed for lease. Optimus plans to make substantial renovations to the building including modernizing the exterior and common spaces, while keeping with the local esthetic of Pacific Palisades, and renovating office space as it becomes vacant.
Prominent developer, Rick Caruso, recently announced plans to develop a retail shopping experience in close proximity to the Atrium, which Optimus believes will add to the value of this asset.
The buyer and seller were represented by Bob Safai of Madison Partners. The closing cap rate was 5 percent (with a 16% vacancy) and the price-per-square-foot was $387.
Built in 1980 with minor renovations in 2007, the building features a mix of retail and office space, elevator and approximately 63 subterranean parking spaces
Optimus Properties, LLC, located in Los Angeles, California, was founded by K. Joseph Shabani and Kamyar Shabani and employs a disciplined investment approach focused on value creation in multifamily, office and retail properties throughout Los Angeles.
SOURCE Optimus Properties, LLC