Omninet Capital Continues Southern California Spree With $55M Buy

Newmark Knight Frank represented Topa Equities in the sale of the Westlake, Calif., office portfolio, marking the buyer's fourth purchase in 90 days.
2801 and 2815 Townsgate Road. Image courtesy of Newmark Knight Frank

Omninet Capital has been expanding its Southern California office holdings, making its fourth purchase in 90 days with the acquisition of an office portfolio in Westlake, Calif., totaling 256,602 square feet. Topa Equities sold the properties for $55 million. 

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Omninet, a Beverly Hills, Calif.-based boutique real estate firm, acquired a two-building, 195,906-square-foot office development at 2801 and 2815 Townsgate Road and a two-building, 69,707-square-foot office campus at 100 and 200 N. Westlake Blvd. The Townsgate Road properties are anchored by Bank of America and numerous other financial services, insurance and legal tenants. 100 and 200 Westlake Blvd. are leased to Morgan Stanley and 14 other tenants, ranging in size from 1,078 square feet to 20,435 square feet.

100 and 200 N. Westlake Blvd. Image courtesy of Newmark Knight Frank

Michael Danielpour, a managing partner at Omninet Capital, said the Westlake properties are a good addition to the firm’s existing portfolio along the 101 Freeway corridor. Danielpour noted in prepared remarks the firm continues to be very active and aims to purchase another $250 million of commercial assets by the end of this year.

Both Westlake properties are minutes from the 101 Freeway and have convenient access to the Conejo Valley and Greater Los Angeles metro area. The Conejo Valley office market has an affluent and well-educated labor pool and is located near abundant executive and workforce housing, according to Newmark Knight Frank’s research. The main industries driving the area’s economy are biotechnology, software, insurance and other service industries.

NKF’s Executive Managing Director Sean Fulp and Co-Head of Capital Markets Kevin Shannon, along with Executive Managing Director Ken White, Managing Director Ryan Plummer and Directors Mark Schuessler and Ryan Tetrault represented the seller in the transaction. Omninet Capital represented themselves.

Noting that Omninet Capital and Topa Equities are both private family offices, Fulp said in a prepared statement the majority of sales in the market are being done by non-institutional investors. He said he expects the private investors will likely continue to control the market until there is greater clarity about the impact of the COVID-19 crisis on the economy and real estate.

Earlier Omninet deals

In May, Omninet Capital completed two separate office deals totaling about $78 million in Torrance, Calif., and Commerce, Calif. In the Torrance deal, NKF’s Shannon, White and Senior Managing Director Michael Moore represented TA Associates in the $39 million off-market sale of Park Del Amo, a three-building, 204,468-square-foot office campus located at 2355 and 2377 Crenshaw Blvd. Omninet Capital represented itself in both the Torrance and Commerce deals. Omninet Capital acquired Commerce Plaza, a two-building, 194,908-square-foot Commerce office complex at 5601 E. Slauson Ave. and 5701 S. Eastern Ave., from Colony Capital for $39 million. NKF’s Shannon, White and Senior Managing Director Scott Schumacher represented Colony Capital.

In December, Omninet Capital acquired a three-building, 136,744-square-foot office property in Oxnard, Calif., known as Solar Drive Business Park from EQ Office for an undisclosed amount. NKF’s Fulp, Plummer, Schuessler and White represented seller EQ Office, while Omninet Capital represented themselves.