LOS ANGELES and IRVINE, Calif. – September 25, 2018 – Berkadia recently completed the $36.28 million sale of San Pedro Bank Lofts, a loft-style multifamily property in Los Angeles’ San Pedro community. Managing Directors Jeff Rowerdink and Joe Leon of the Irvine, California office, along with Managing Director Jim Fisher and Senior Director Mike Smith of the Los Angeles office completed the sale on behalf of the seller, Irvine-based Bascom Group, LLC. The buyer was Sherman Oaks, California-based M West Holdings, LLC. The deal closed on August 16.
“San Pedro is a dynamic and emerging submarket, particularly given the ongoing investments in the area’s ports and waterfront, making the property a great asset for the buyer,” said Rowerdink. “The Ports of Long Beach and Los Angeles are the two largest ports by volume in North America, and the city continues to see strong job growth.”
Built in 2007, San Pedro Bank Lofts is an 89-unit condominium mapped development that incorporates the historical façade of the original Bank of San Pedro. Units include loft-style vaulted ceilings, full HVAC, in-unit washers and dryers, ceiling fans, fireplaces, garbage disposals, granite countertops, microwaves, stainless-steel appliances and fully secure underground parking. Select units have roll-up doors, arched windows and two-story vaulted ceilings. The community also offers a fitness center and private courtyards.
Located at 407 W. 7th St., the property is easily accessible via California State Route 110 and is less than 10 miles from downtown Long Beach, the Trump National Golf Club Los Angeles and Los Angeles Harbor College.