SANTA MONICA, CA—Los Angeles-based Pacshore Partners have acquired from the Lionstone Group a 38,000-sq.-ft. mixed-use building at 631 Wilshire here for $20 million.
The four-story building at 631 Wilshire, features 11,000 sq. ft. of ground floor retail, 17,000 sq. ft. of creative office space with 11-foot ceiling heights, and four 2,500-sq.-ft. residential loft units on building’s abbreviated fourth floor. Built in the 1950s, the residential lofts and a recreation room were added to the original two-story building in the late 1990s at a cost of more than $4 million. The property was 55 percent leased at the time of sale, and tenants include digital production and design studio Big Block and global IT firm EMC Corp.
Tom Majich with Los Angeles-based Industry LTD, said Pacshore will undertake a multimillion capital improvement program that will include major façade and entry improvements, new private outdoor spaces, and renovation of the fourth floor residential units. The new owners are now in discussions with local restaurant operators and will convert the 4,000-sq.-ft. third floor recreation room into creative office space with private roof decks facing the newly renovated Reed Park.
Jim Jacobsen and Scott Rigsby with Industry Partners, and Michael Moore and Tom Bohlinger with CBRE represented the seller. Pacshore represented itself in the purchase of the property. This is the third major acquisition of a Los Angeles Westside commercial real estate asset in the past six months for the company.