Watt Picks Up Bargain Westside Office in Need of Makeover
Watt Investment Partners has acquired a 107k SF office property at 3000 S Robertson Blvd in West LA or $27M. The amount paid for this asset was a bargain at $252/SF, as office properties in nearby Culver City sell for $475/SF.
Watt Investment Partners focuses on income-producing assets with rent upside potential that are in need of capital improvements, and this property is no exception.
This well-located asset, with 42% occupancy, is an ideal value-add opportunity, as its near the Culver City Metro Station and adjacent to the I-10/Santa Monica Freeway, which offers exceptional signage opportunities along both South Robertson and the freeway. Renovation plans include updating common areas and the building exterior. The owner wants to create an identity for the building, so will invest in improving the lobby, courtyard and façade signage, according to GlobeSt.
CBRE chairman Kevin Shannon and VP Scott Schumacher repped the seller, the Brown Family Trust, along with local West Los Angeles market specialists Deron White and Kurt Davis. [GS]