Santa Monica Creative Office Building Trades for $18M
Los Angeles-based real estate firm Redcar Properties has purchased the Meridian Building, a creative office property located in Santa Monica, CA, for just under $18 million. The CBRE team of Jeff Pion, Michelle Esquivel-Hall and Drew Pion arranged the transaction and represented the seller, DPI Retail.
“This moment is bittersweet for the entire DPI team,” said Fred Vitt, President of DPI Retail. “The Meridian Building has been our headquarters that we have owned and operated out of for two decades. But with our success, we have outgrown our home, and look forward to carrying the momentum to our new office in El Segundo.”
Located at 1448 15th St., the 24,000-square-foot, three-story building was constructed in 1981 and is just 1/2 mile from the I-10 Freeway and only 1.5 miles from Santa Monica State Beach. It also features ample parking with 78 spaces.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.