Colliers arranged the all-cash sale of Ocean Park Plaza, a two-story, 100,700-square-foot office and medical building at 2701 Ocean Park Blvd. in Santa Monica. The buyer, an undisclosed co-educational school, plans to relocate to the property and establish its new campus there.
Vice chair Sean Fulp, EVPs Mark Schuessler and Todd Tydlaska and associate VPs Jordan Garcia and Blake Hammerstein of Colliers marketed the property and facilitated the transaction on behalf of the seller. Tim Dornin and Scott Rigsby of Industry Partners and Dan Pickart of Newmark represented the buyer.
The sale repositions a, largely vacant office building for active community use. Ocean Park Plaza had approximately 73% of its space available for immediate occupancy. The acquisition returns the asset to full utility while removing it from the area’s office inventory.
“This is a great outcome for Santa Monica,” said Fulp. “The buyer gets a campus in the heart of the Westside, and the neighborhood gains an institution that adds real activity and stability.”
