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12/23/14
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Peregrine Realty Partners closed on a significant, year-end office buy in the west San Fernando Valley, having purchased a 92.5k sf building at 5950 Canoga Avenue in Woodland Hills. The property sold for $19.5 mil, or about $210/sf, which works out to a 7% cap rate.
The six-story, multi-tenant office building is located in Warner Center Business Park. It boasts an attractive glass finish, excellent freeway access and a high-identity corner location. It was awarded an Energy Star label in 2013 for its operating efficiency.
This sale marks the closing of a three-building portfolio which included 5955 De Soto and 21155 Califa Street. The buildings were sold by a joint venture of Oakfield Realty Partners and Long Wharf Real Estate Partners, who acquired the 182k sf office portfolio in in early 2012 for $26.4 mil, or $145/sf.
Bob Safai and Matt Case of Madison Partners represented Oakfield Realty Partners and Long Wharf Real Estate in all of these recent sale transactions. Safai also repped the seller in its earlier purchase of the assets.
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