SCI Spends $30M for Retail, Medical Space

LOS ANGELES, CA-SCI Investments Inc. of West Los Angeles bought a 61,920-sf medical office complex in Santa Monica for $21 million and the 70,468-sf Woodland Hills Village shopping center in the San Fernando Valley community of Woodland Hills, Calif. for $8.795 million.

The medical office complex is at the corner of 23rd Street and Santa Monica Boulevard in Santa Monica, SCI spokesman Randy Foster tells GlobeSt.com, while the Woodland Hills shopping center is at 20929 Ventura Blvd.

SCI bought the medical office center from Kennedy Wilson of Beverly Hills and the shopping center from locally based NS Properties II LLC.

The medical office complex is called Parkside Medical Center and is near the St. John’s Health Center. The complex is 100% occupied, Foster tells GlobeSt.com, with about 30% of the space occupied by medical offices of nearby UCLA. The Woodland Hills Village shopping center was 95% occupied at the time of the sale.

Foster tells GlobeSt.com that the transactions are the latest in a series of acquisitions for SCI, which buys properties both for itself and on behalf of its investors. The company’s $133 million portfolio consists about 85% of office, medical office, industrial and retail properties, and about 15% in multifamily holdings in California and Nevada. Founded in 1994, the company has offices in West Los Angeles and Las Vegas. It has acquired over 100 properties since 1994.

The principals of SCI are Marc Paul and Robert Robotti, who also co-founded and operate RE/MAX Commercial Brokerage. Paul and Robotti represented themselves in both of the two recent SCI transactions.In the sale of the medical office complex, Mary Ricks and Clifford Smith of Kennedy Wilson represented the seller.

In the shopping center transaction, Jim Wellbaum and Matt Crawford of Triwell Properties represented the seller.