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Commercial Real Estate

Jamison Adds to Mid-Wilshire Portfolio With High-Rise Buy

September 25, 2001|Jesus Sanchez

A company controlled by real estate investor David Lee boosted its already sizable portfolio of mid-Wilshire-area properties last week by purchasing a 12-story Wilshire Boulevard high-rise for about $24.2 million, according to property records and people familiar with the transaction.

The 308,000-square-foot Wilshire Serrano Building at 3699 Wilshire Blvd. is almost fully occupied. The previous owner was Operating Engineers Pension.

Officials at Jamison Properties--the firm Lee and his partners use to purchase property--could not be reached for comment.

The building at the northeast corner of Wilshire Boulevard and Serrano Street is part of a portfolio of nearly two dozen buildings Jamison Properties has amassed in Wilshire Center in the last six years.

Lee, an internal medicine specialist-turned-real estate investor, has proved a savvy investor. Some of his early acquisitions soared in value as the region's real estate market rebounded in the late 1990s.

Jamison Properties tenants include state and county government agencies, trade schools, accounting and law firms and about 30% Korean community businesses.

Before purchasing the Wilshire Serrano Building, Lee said his group had spent more than $300 million acquiring commercial properties. He retains his medical practice in Van Nuys.

Broker Randal Lee, of Lilly Enterprises, advised Jamison in the Serrano deal. The seller was advised by Ron Buss of Buss Shelger Associates.

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