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1/11/21
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Top Terraces Inc paid $30 mil for a 206.9k sf ($145/sf) office building in Simi Valley. The property is 100% net-leased to Bank of America N.A.
Situated on over 12.5 acres, the two-story building, located at 450 America St, features a unique campus-style setting, abundant parking, four lobbies, an on-site café, mission critical cybersecurity and optimal post COVID-19 improvements such as expansive ceilings and operable doors to improve air flow. The property is proximate to the 118 Fwy and neighboring amenities including the Simi Valley Town Center, Mountain Gate Plaza and Sycamore Village.
Kevin Shannon, Ken White, Rob Hannan, Sean Fulp, Laura Stumm and Ryan Plummer with Newmark represented the seller, a wholly-owned subsidiary of Griffin Capital Essential Asset REIT Inc. Top Terraces was repped by David Meir and Jack Minassian at Peak Commercial.
“The North LA submarkets have seen tremendous growth over the past decade, most recently with Amazon taking 290k sf adjacent to 450 American, placing this investment directly in the path of progress,” said Shannon.
Simi Valley provides access to a deep labor pool in the San Fernando Valley to the east and Ventura County to the west, allowing this property and others the possibility to capture tenants migrating from costlier Los Angeles markets. According to Newmark Research, the North LA office submarkets maintained an 11.3% vacancy rate in the third quarter of 2020. Increased tenant migration to the greater Conejo Valley has been driven by sharp increase in rental rates throughout the Los Angeles basin.
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