Sandstone Properties sold an office building in El Segundo for $31 million, completing an off-market deal at a time when the city is experiencing a real estate boom.
The Sherman Oaks-based Sandstone acquired the 55,000-square-foot vacant building for $4 million in 2004, property records show. Sandstone sold the property 2221 PPA, LLC, operated by the firm’s founder, Eric Kroh.
Commercial Observer first reported the sale.
The buyer was Kyle Ransford, co-founder of El Segundo-based Cardinal Investments. It was purchased through Powerscourt Partners, LLC.
The sale of the single-story property at 2221 Park Place worked out to $564 per square foot. Madison Partners arranged the deal.
El Segundo has become one of the hottest neighborhoods in Los Angeles, and a magnet for media and tech firms searching for an alternative to Santa Monica and Venice prices.
A 200,000-square-foot office complex leased by Boeing hit the market in February for $50 million, The Real Deal reported. Last year, the L.A. Times announced it was moving its headquarters to a 145,000-square-foot El Segundo building. The paper’s owner, Patrick Soon-Shiong, is planning a separate 100,000 square-foot expansion nearby.