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May 20, 2018
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Omninet Capital LLC Buys 395k sf San Gabriel Valley Office Complex


Beverly Hills-based Omninet Capital LLC has purchased Los Angeles Corporate Center, a four-building, 394.5k sf office campus located in the San Gabriel Valley city of Monterey Park. Although a price was not reported, we hear that the deal came in at just over $80 mil.

The buildings are situated on 11.9 acres at 900, 1000, 1200, and 1255 Corporate Center Dr, south of I-10 and adjacent to the east side of the 710 Fwy. The central location allows for immediate access to the western San Gabriel Valley and greater east Los Angeles office markets. The property is currently 95% occupied with major tenants that include State of California, Los Angeles County, State Compensation Insurance Fund, Synermed and AT&T.

Sean Fulp, Kevin Shannon, Ken White and Brunson Howard of NGKF Capital Markets represented the seller Equity Office Properties (EOP) in the transaction. The price was not disclosed.

Its difficult to find larger investment opportunities within Los Angeles and especially with the utility and functionality that Los Angeles Corporate Center provides. Having multiple buildings and a diverse tenant mix so close to Downtown LA is going to allow Omninet to be more flexible than many other property owners," said Fulp.

According to NGKF, the greater Los Angeles office market closed first quarter of 2017 with a 14 percent vacancy rate. Leasing market fundamentals were healthy via a low unemployment rate, net absorption gains for 15 consecutive quarters and annual asking rent growth of 3.5 percent.

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