The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
August 17, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
New York-based Vella Group Pays $50 Mil for El Segundo Office Campus

7/19/19

A two-building, 200.2k sf office campus in Los Angeles’ El Segundo submarket traded hands for $50.8 mil ($254/sf). The property, located at 650 and 700 Pacific Coast Highway, is entirely leased to Boeing through the end of 2020.

The entire site is situated on nearly six acres. Built in 1962, 650 PCH is eight floors and totals 121.5k sf. Built in 1957, 700 PCH consists of one and two floors and totals 78.7k sf. The property also includes 422 surface parking spaces.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Michael Moore, along with Bill Bloodgood of CBRE, represented the seller, a private family TIC (Tenant-in-Common). The buyer, New York-based Vella Group, was self-represented.

“This property has excellent street identity along PCH, an ideal location within the heart of the El Segundo market. That combined with the tremendous tenant momentum in El Segundo created an extremely desirable and competitive investment opportunity,” said Shannon.

“Once Boeing vacates the asset, the buyer intends on completely redeveloping and repositioning the property into a creative campus,” added Bloodgood. “The repositioning concept will be attractive to media, tech and entertainment tenants.”

The opportunity attracted a tremendous amount of investor interest with almost 160 buyers requesting information and more than 60 building tours, producing an extremely competitive managed bid process.

El Segundo is the South Bay’s premier office submarket as reflected by a rent rate increase of approximately 34% over the last three years. Additionally, over the last five years, the submarket has drawn media, entertainment, technology and advertising tenant categories from pricier areas such as Playa Vista, Santa Monica, and downtown Los Angeles.

El Segundo offers advantageous business user taxes when compared to neighboring markets within the City of Los Angeles which subjects tenants to taxes on gross receipts and parking and significantly higher utility rates. The Los Angeles Economic Development Corporation has recognized El Segundo as the most business-friendly city Los Angeles County.




Return to the previous page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media