Jefferson Business Park Sells For $73.5 million
January 23, 2020
While the price of homes I Culver City has skyrocketed in recent years business properties are also keeping up with the increase in value.
Redcar Properties has acquired the Westside Jefferson Business Park in Culver City. The new owners plan to expand the campus' total space. The firm purchased the three-building property for $73.5 million in an off-market transaction.
The business park was owned by Lionstone Group, which purchased the property for $26.5 million in 2014.
The business park is spread over about 3.8 acres at 10301 to 10395 Jefferson Boulevard. It includes 76,000 square feet of office space that is currently 93 percent leased. Tenants include XTEN Architecture, game developer Zynga, and creative agency Hello Design. Redcar intends to significantly increase the square footage through the redevelopment of the campus over time.
According to a report in the Commercial Observer, "The demand for modern office space continues to grow on the Westside throughout 2019, and Culver City has for years been one of the strongest submarkets in Los Angeles, with some of the highest rental rates. It has attracted major content creators like Amazon, Apple, and HBO. Kilroy Realty Group purchased the Blackwelder campus in Culver City for $185 million in the fall, just after 3MR Capital and The John Buck Company announced plans to build a massive mixed-use project with 55,000 square feet of retail, 51,000 square feet of office space, and 279 residential units"