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9/25/15
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Sunny Hills Management Company Inc has acquired Airport Spectrum, a two-building, 500k sf office campus located at the gateway to LAX, in a $61.25 mil ($123/sf) deal. The property, which includes 1,600 parking spaces and two high-profile outdoor billboards, was sold by Decron Properties Corp.
The office project, located at 5757 and 5767 Century Blvd, was built in 1980 and acquired by Decron in 2000. Over the past 10 years, Decron invested over $6 mil in capital improvements that included renovation of the exterior façade, modernization of the lobby and common areas, and enhanced vehicular access into the property.
At the time of sale, the property was 75% leased, up from less than 30% when the building was acquired by Decron. Major tenants at the complex include UCLA, Expeditors International, the Transportation and Safety Administration (TSA) and Barrister Executive Suites, although the property may be best known as the world headquarters for highly regarded commercial real estate news organization, Rentv.com.
Marc Renard, Manfred Schaub and Chris Sinfield of Cushman & Wakefield’s Capital Markets Group advised the seller in the transaction.
“The asset attracted both domestic and international capital sources seeking urban office assets with long-term durable cash flow and a mass transit orientation,” said Renard, Vice Chairman of Cushman & Wakefield’s Capital Markets Group. “The $8 billion modernization of LAX in conjunction with the dynamic leasing activity occurring in the lower westside made this a very compelling, intrinsic value opportunity.”
Situated at the entrance to Los Angeles International Airport, the property is a block away from a MetroRail Station opening in 2019 and is adjacent to a Marriott Hotel and a Hilton Hotel.
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