pacshore partners pays $20 million for wilshire building

PACSHORE PARTNERS PAYS $20 MILLION FOR WILSHIRE BUILDING

Posted by Peggy Clifford on Thursday, February 7, 2013 ? Leave a Comment?

In an all cash deal, Los Angeles-based real estate investor Philip Orosco and his firm Pacshore Partners have bought a 38,000 square-foot mixed-use building at 631 Wilshire in Santa Monica for $20 million from the Lionstone Group.

The transaction is the third acquisition in Santa Monica in the last six months for the former Maguire Partners executive.

The four-story art deco building has 11,000 square feet of ground floor retail, 17,000 square feet of creative office space with 11 foot ceiling heights, and four 2,500 square-foot residential loft units on the building?s abbreviated fourth floor. The 1950s building was renovated and enlarged in the late 1990s. The residential lofts and a recreation room were added to the original two-story building at a cost of more than $4 million, and architect and mayor the late Herb Katz remade the building fa?ade to simulate vintage art deco.
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The building was 55 percent leased at the time of sale. The tenants include digital production and design studio Big Block and global IT firm EMC Corporation.

Pacshore will undertake a multimillion capital improvement program that will include major fa?ade and entry improvements, new private outdoor spaces, and renovation of the fourth floor residential units, according to Tom Majich of Los Angeles-based Industry LTD, which is overseeing the construction. The new owners are now in discussions with local restaurant operators and will convert the 4,000 square-foot third floor recreation room into creative office space with private roof decks facing the newly renovated Reed Park.

Jim Jacobsen and Scott Rigsby of Industry Partners and Michael Moore and Tom Bohlinger of CBRE represented the seller. Pacshore represented itself in the purchase of the property.

This is the third major acquisition of Los Angeles Westside commercial real estate asset in the past six months for Pacshore, one of the most active buyers of non-traditional assets in Los Angeles County.

In November, the firm acquired a five-acre parcel at 1815 Centinela Boulevard in Santa Monica. The land is ground leased to the owner of 100,000 square feet of creative office space, part of which is currently occupied by Ignition Creative. Earlier this year Pacshore purchased approximately 60,000 square feet of office condo space at 1314 7th Street in Santa Monica from Verizon in an all-cash transaction valued at $20 million. Industry LTD is currently managing a $5.4 million renovation and repositioning of the building on behalf of Pacshore to create a New York style trophy creative office building called The Telephone Building.

Formed by former Maguire Partners executive Philip Orosco last year, Pacshore Partners is a Los Angeles-based real estate firm focused on investments in real estate equity, debt, and operating company capitalization. Orosco has been an active participant in the large-scale commercial real estate market over the last 15 years on behalf of developer Maguire Partners, Maguire Properties REIT (NYSE: MPG), finance REIT Gramercy Capital Corp. (NYSE: GKK), and as founder and President of the Pacshore companies.

Maguire Partners played a very active role in commercial real estate development in the building boom that overtook Santa Monica in the mid-1980s.

Industry LTD (www.industryltd.net) is a Los Angeles-based commercial real estate firm with a highly specialized approach to development, construction management, project positioning, lease and property management for property owners, investors and tenants. It focuses on creative office and urban retail space, adaptive reuse and historic renovation.

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Source: http://www.santamonicadispatch.com/2013/02/pacshore-partners-pays-20-million-for-wilshire-building/

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