Orange County Business Campus Trades for $106M
- Sep 19, 2017
A joint venture between Greenlaw Partners and Westbrook Partners acquired Centerpointe La Palma, a 525,560-square-foot business park in La Palma, Calif. An East Coast-based pension fund advisor sold the asset for $106.1 million. At the time of sale, the complex was 89 percent leased.
Located at 1, 4, 6, 18, 20, 22, 24, 26, 28 and 30 Centerpointe Drive, just off Artesia Freeway, the 10-building asset sits less than three miles from Interstate 5. The office campus features three mid-rise office buildings, six single-story research and development properties and one single-story retail strip center. Tenants include the State of California, Tesoro and University of Phoenix.
The seller recently completed renovations at Centerpointe La Palma, including new property signage, LED parking lot lights replacements and new landscaping.
Newmark Knight Frank’s Kevin Shannon, Paul Jones and Blake Bokosky negotiated the deal on behalf of the seller. The buyer represented itself. Earlier this month, Shannon was also involved in the sale of a 75,711-square-foot Torrance, Calif., office building.
“This asset provides the buyer with immediate scale and a strong, secure and growing income stream, as well as additional value potential through the lease-up of remaining vacancy and the continued conversion of the low-rise buildings to creative office,” Jones said in a prepared statement.
Image courtesy of Newmark Knight Frank