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.
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.