Community Corner
Broadway Property Sales for $6.3 Million
In quickly-completed deal, Sumo Properties, LLC buys Santa Monica building occupied in part by a small subdivision of Innovative Artists.
Sumo Properties, LLC has paid $6.3 million for a 14,860-square-foot building on Broadway Street, between 16th and 17th streets.
Lee & Associates, the nation’s largest broker-owned commercial brokerage firm, closed the deal, it said in a press release Wednesday. It was inked in just 60 days, the firm said.
Jeff Jacobsen of Broadway Capital Partners in Santa Monica arranged the financing.
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"This was a really quick deal, completed in just two months," said James Wilson, a principal at Lee & Associates. "Not only is the building in a great location and fully leased, but the rents were set below the market rate. Our client now has the opportunity to reposition the building and increase its value."
The building is 100 percent leased, Lee & Associates said, with talent and literary agency Innovative Artists as the main tenant, though it's headquartered elsewhere. A small division of the agency rents one floor in this building.
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