Praedium Group sells its California building.

The Praedium Group LLC, a New York City-based national real estate investment firm, announced the disposition of 400 South Sepulveda, an office property purchased in joint venture with Los Angeles-based Snyder Partners.

400 South Sepulveda, a 38,997 s/f, two-floor office property in Manhattan Beach, Ca., was sold for $12.5 million or $320 per s/f.

Built in 1986, the building offers ocean views, flexible floor plans and abundant parking in both a subterranean garage and surface lot. At the time of purchase in February 2004, the property was 87% occupied. It was 100% occupied by medical and office tenants at the time of sale to Lexham Private Investors, LLC. Los Angeles-based Madison Partners represented the sellers.

Chris Hughes, principal at Praedium said, "We saw substantial upside in the building given its position as one of the few high quality office buildings along the Sepulveda Boulevard corridor in Manhattan Beach."

Drew Planting, a partner of Snyder Partners said, "Shortly after acquiring the Property, we upgraded the lobby areas, restrooms and common corridors, and we also made a number of improvements to the building's mechanical systems."

This was Praedium's second transaction with Snyder Partners. Praedium and Snyder purchased 900 North Cahuenga, an office property in Hollywood, Ca., in November 2002.

Snyder Partners is a wholly owned subsidiary of the J.H. Snyder Company. It focuses on the acquisition and repositioning of existing buildings.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with over $5 billion in total investments to date in more than 220 transactions.