Shubin Nadal, DRA to Rebrand 800 KSF Office, Industrial Property in L.A.
- Nov 11, 2014
Shubin Nadal Realty Investors has teamed with DRA Advisors L.L.C. on the acquisition of the 44-acre Harman International Business Campus located in the heart of the San Fernando Valley area of Los Angeles, Calif., from NewTower Trust Co. of Bethesda, and will rebrand the property as “The Campus.”
The price of the deal was not disclosed.
The purchase included four properties located on Balboa Boulevard, and totals 856,515 square feet of office and industrial space. At the time of the sale, the properties were 100 percent occupied.
“It is 44 acres in the center of the San Fernando Valley with huge repositioning potential for the vacant industrial space in the rear of the project,” Lonnie Nadal, Shubin Nadal Realty Investors’ principal, told Commercial Property Executive. “There is still strong upside in office rents in the market place, and it is so rare when a large in-fill parcel becomes available in the Valley, the opportunity couldn’t be missed.”
Adding to its appeal is that strong tenants Harman, Pharmavite and Regal Medical anchor the project in the office buildings.
The project is in the center of the San Fernando Valley, only a mile from the 405 Freeway, near upscale neighborhoods in Sherwood Forest and Cal State Northridge.
According to Nadal, Shubin Nadal Realty Investors specializes in redeveloping in-fill properties in Los Angeles and Orange counties, so the project was ideal for the company. He added that the project will undergo a multi-million dollar repositioning plan to transform the campus into a contemporary mixed business park.
“The entire property will be upgraded into a modern mixed-use project with retail, creative office, R & D space added to the property, along with significant outdoor amenities added,” Nadal added.
Since DRA was founded in 1986, the firm has acquired more than $21 billion in assets, including 42 million square feet of office space, 25 million square feet of industrial properties, more than 50 million square feet of retail space and 61,000 residential units.
Marc Renard, Vice Chairman of Cushman & Wakefield’s Capital Markets Group along with Manfred Schaub, David Hasbrouck and Lars Platt, represented both parties in this transaction.