West Los Angeles Investment firm continues a Southern California buying binge!
We are announcing $30,000,000 in new commercial real estate purchases this month.
(PRWEB) August 15, 2002
Los Angeles - SCI Investments, Inc. of West Los Angeles celebrated its eight-year anniversary in August, with two major purchases, totaling close to $30,000,000.
First, SCI announced the acquisition of the 61,920 sq. ft. UCLA anchored “Parkside Medical Center” in Santa Monica, CA. Located near the St. John’s Health Center on Santa Monica Blvd. (the May/June 2002 issue of AARP Modern Maturity, Consumer’s Checkbook listed Saint John’s as number twelve in the Nation overall, and the number one community hospital in California), these two fully occupied, high profile medical office buildings were purchased for $21,000,000, $338 per sq. ft. at 9+% CAP. Mary Ricks and Clifford Smith of Kennedy Wilson represented the Seller.
SCI also acquired the 70,468 Sq. Ft. “Woodland Hills Village” in Woodland Hills, CA. The purchase price of this center was $8,795,000, or $124 per sq. ft. The CAP rate was 9.6%. This established Ventura Blvd. retail “destination center” was 95% occupied at the time of close. Jim Wellbaum and Matt Crawford of Triwell Properties represented the Seller.
Marc Paul and Robert Robotti, RE/MAX Commercial Brokerage, represented the Buyers in both of the transactions.
These latest acquisitions bring the value of the SCI California and Nevada portfolio to well over $133,000,000.
SCI, in business since 1994, has offices in Las Vegas and West Los Angeles and is recognized throughout the Southern California and Las Vegas real estate, investment and banking communities as one of the most active, professional and astute real estate investors in the market today.
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