A 38,000 square-foot mixed-use building at 631 Wilshire Blvd. in Santa Monica has been purchased by Los Angeles-based real estate investor Philip Orosco and his firm Pacshore Partners from The Lionstone Group for $20 million.
The all-cash transaction is the third acquisition in Santa Monica in the last six months for the former Maguire Partners executive.
The four-story art deco building features 11,000 square feet of ground floor retail, 17,000 square feet of creative office space with 11-foot-high ceilings and four 2,500-square foot residential loft units on the fourth floor.
The property was built in the 1950s, with the residential lofts and a recreation room added to the original two-story building in the late 1990s at a cost of more than $4 million. Current tenants include digital production and design studio Big Block and global IT firm EMC Corporation.
Pacshore is planning a multimillion capital improvement project that will include major façade and entry improvements, new private outdoor spaces, and renovation of the fourth floor residential units, according to Tom Majich of Los Angeles-based Industry LTD, which is overseeing the construction.
The new owners are now in discussions with local restaurant operators and will convert the 4,000-square foot third floor recreation room into creative office space with private roof decks facing the newly renovated Reed Park.