CULVER CITY, CA—APW Bristol Parkway Associates LLC has purchased the office building at 6133 Bristol Pkwy. in Culver City, Calif. for $12.65 million. Praedium/Palisades Partners disposed of the 51,288-sq.-ft. building in an off-market transaction.
“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,” said Steve Solomon, managing director at Jones Lang LaSalle, who represented the seller in the transaction. “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.”
The property is currently 85 percent occupied. The buyer plans to occupy some of the remaining vacant space.