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CULVER CITY, CALIF., May 28, 2013 – Jones Lang LaSalle today announced it has completed the sale of a three-story, 51,288-square-foot office building located at 6133 Bristol Parkway, in Culver City,. to APW Bristol Parkway Associates LLC for $12.65 million. Jones Lang LaSalle’s Managing Directors Steve Solomon and Chris Strickfaden represented the seller, Praedium/Palisades Partners, in the transaction. The buyer was represented by James Hooks of Cresa and Lee & Associates.
“Jones Lang LaSalle was able to secure a strong return for Praedium/Palisades Partners in an off-market transaction,” said Solomon. “This seller took a risk when they purchased the property at $165 per square foot—during the downswing and at a time when there were limited buyers. However, with strong leasing efforts by JLL, this property will continue to increase in value and compare well to properties in nearby Playa Vista that are selling for 50-100 percent more.”
According to JLL, the Bristol Parkway property was 85 percent leased at the time of sale and the seller was not planning to sell until later this year when the property was targeted to be more than 90 percent leased. However the buyer, APW Bristol Parkway Associates, plans to occupy a significant amount of the vacant space within the property.
6133 Bristol Parkway is ideally located just minutes from the 405 and Marina Freeways, providing convenient access to the Westside and the South Bay. For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page. Bookmark it here: http://j.mp/1059xCv.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
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