Griffin Capital Sells Los Angeles-Area Asset for $30M
- Jan 07, 2021
Griffin Capital Essential Asset REIT has completed the $30 million sale of a 206,917-square-foot office building in Simi Valley, Calif. A private investor acquired the property, according to Ventura County records. Logix Federal Credit Union provided an $18 million acquisition financing package.
The building is fully leased to Bank of America through December 2025. The asset last changed hands in 2015, when Rising Realty Partners sold it for $28.4 million, CommercialEdge data shows. That deal was a $57 million portfolio sale that included a 273,241-square-foot property closeby, which is also leased to Bank of America.
Located on 8 acres at 450 American St., the two-story Class B property was completed in 1990 and is LEED-certified. Features include 103,459-square-foot floorplates, two passenger elevators and a parking ratio of 5.5 spaces per 1,000 square feet. Situated a short distance from the intersection between Ronald Reagan Freeway and Madera Road, the building is 12 miles northeast of downtown Thousand Oaks and approximately 42 miles northwest of downtown Los Angeles.
Newmark’s Shannon Team, led by Co-Head of U.S. Capital Markets Kevin Shannon, negotiated on behalf of the seller. In late 2020, Shannon’s team represented a joint venture between Rockwood Capital and Lincoln Property Co. in the $196 million disposition of 915 Wilshire, a Class A office tower in downtown Los Angeles.