CBRE Group Inc. announced the sale of the Bank of America building in West Los Angeles at an undisclosed amount to a private real estate investor after drawing more than 16 all-cash offers for the property.
The 13,296 square foot building, on 11501 Santa Monica Blvd., sits on nearly one acre of land. The transaction closed in less than 30 days at a capitalization rate of below 2 percent. According to the brokers, this was the lowest cap rate ever recorded for a long-term single-tenant lease in L.A. County.
CBRE’S Alex Kozakov, Patrick Wade, and Fred Aframian represented the seller, Gramercy Property Trust, and the buyer in the transaction.
“This sale is symbolic of the high demand for quality retail space in West Los Angeles,” Wade said in a statement. “This building sits in one of the hottest neighborhoods in the city that has been seeing tremendous rent growth and appreciation in property prices.”
Fourth-quarter asking lease rates in West L.A. jumped 6.9 percent to $7.16 a square foot from $6.70 in the prior quarter, according to CBRE data.
