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December 15, 2017
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Greenlaw Partners and Westbrook Partners Close $100 Mil OC Investment

9/19/17

Greenlaw Partners and Westbrook Partners have teamed up in a large, institutional-quality OC buy, paying $106.1 mil for Centerpointe La Palma, a 525.6k sf ($202/sf) business park in La Palma. The 10-building property, which was 89% leased at the close of escrow, consists of three mid-rise office buildings, six single-story R&D buildings, and one single-story retail strip center.

Built in 1986 with renovations occurring in 2015 and 2016, the 24.24-acre property is located at 1, 4, 6, 18, 20, 22, 24, 26, 28 and 30 Centerpointe Drive, with easy access to the 91, 5 and 605 freeways in north Orange County. Centerpointe La Palma is home to a diverse mix of tenants, with some of its largest being State of California, Tesoro, Honeywell, United Healthcare, University of Phoenix, and St. Joseph Health. Within the retail portion of the property are several restaurants including Jimmy John's, Flame Broiler, Panda Inn and Tokyo Grill.

The recent renovation conducted by the seller included new, high visibility property signage, LED parking lot light replacements, new landscaping, systems upgrades and contemporary speculative build outs in a number of the vacant office suites.

Kevin Shannon, Paul Jones and Blake Bokosky with NGK Capital Markets represented the seller, an East Coast-based pension fund advisor. The buyer repped itself in the transaction.

“Sizable institutional-quality Orange County business campuses like Centerpointe La Palma rarely become available to investors,” said Jones. “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. Additionally, all of the buildings sit on separate parcels providing the buyer maximum optionality and flexibility upon exit.”

This transaction is the fifth sale over $50 mil in Orange County this year for the NKF’s Capital Markets West Coast team having recently sold 200 Center and Stadium Towers in Anaheim in June, 4400 MacArthur in Newport Beach in early August, and Pacific Vista in Lake Forest in early September.





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