Ocean Park Plaza nets $254 a square foot

Broadreach Capital Partners has acquired the 96,388-square-foot Ocean Park Plaza in Santa Monica, Calif., for a price of $24.5 million.

Offshore investor Build America LLC sold the two-story, class B project, which is located at 2701 Ocean Park Blvd. Built in 1987, the building was 92 percent leased at the time of sale.

"Ocean Park Plaza fits well within our investment strategy to acquire assets below replacement cost in markets with strong fundamentals," said Broadreach director Eric Samek. "Santa Monica is a supply-constrained market with strong demand and we see vacancies continuing to decline and rental rates rising for the foreseeable future."

Samek added that Broadreach will make improvements to the building systems as well as "substantial cosmetic upgrades."

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