LOS ANGELES, April 5, 2019 /PRNewswire/ -- An affiliate of Optimus Properties, LLC has completed the sale of an approximately 16,000 square foot office building located just outside of Beverly Hills. The building, located at 864 S. Robertson Blvd., is south of Wilshire Blvd. and north of Olympic Blvd., and consists of three floors, parking and several roof top patios.
"This building's location and the upscale improvements performed by Optimus made this building a very attractive asset. We are sorry to see it leave our portfolio but the returns were too good to pass up," said Kamyar Shabani, a principal of Optimus Properties, LLC.
The building was built in 1956, renovated in the 1980's and was in need of major renovation. Optimus did a significant amount of improvements on the interior and exterior of the building, including modernization of the entrance, lobby, common areas, and new ADA compliant bathrooms.
"The building was 80% vacant with the remaining tenants paying under market rents, and as such we had to develop an aggressive leasing and re-tenanting strategy that enabled us to fully lease the building with quality, long term tenants. We are very happy with the way this building turned out," said K. Joseph Shabani, a principal of Optimus Properties, LLC.
Optimus Properties, LLC, located in Los Angeles, California, was founded by Kamyar Shabani and K. Joseph Shabani, and employs a disciplined investment approach focused on value creation in office, retail, office and medical office properties throughout Los Angeles.
SOURCE Optimus Properties, LLC