Atlas Capital Acquires LA-Area Creative Office Campus
- Aug 09, 2018
Atlas Capital Group has acquired INSITE, a two-building office campus in El Segundo, Calif., for $39 million. NKF Capital Markets represented the seller, Steelwave, in its disposition of the former Raytheon research facility.
Located at 2030 Maple Ave., the site is an adaptive reuse project of the previous 101,874-square-foot facility. Purchased by Steelwave in a joint venture with Goldman Sachs in 2015, the previous owners implemented an extensive improvements program to the site, which included a new facade, mezzanine space, creative interior buildout, roof, landscape and hardscape, as well as indoor and outdoor collaborative areas. The plan was to keep the industrial feel while converting the buildings into a creative office campus.
Cushman & Wakefield’s Executive Managing Director Mike Condon Jr., Senior Associate Kelli Snyder, Associate Brianna Demus and Senior Financial Analyst Erica Finck, represented Atlas in the transaction. The team will also handle leasing for the property along with Executive Managing Directors Tom Sheets and Chris Sinfield, as well as Senior Associate Quint Carroll.
NKF Capital Markets Co-Head of US Capital Markets Kevin Shannon, Executive Managing Director Ken White, Senior Managing Directors Mike Moll and Rob Hannan, as well as Managing Director Laura Stumm, negotiated the deal on behalf of the seller. Last month, Shannon and White were also part of a team that facilitated the $26.8 million sale of Centerpoint Plaza, a Class A multi-tenant office building in Carlsbad, Calif.
“El Segundo is now attracting capital and yield metrics that are comparable to the most desirable West Los Angeles submarkets. It is truly a lower Westside market,” Shannon said in a prepared statement.
Image courtesy of NKF Capital Markets