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2/13/18
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A 95.6k sf office building in the LA County city of Artesia changed hands in a recent transaction priced at $20.64 mil ($215/sf). The four-story property is located at 17100-17104 Pioneer Blvd, east of I-605 and adjacent to the 91 Fwy.
The Class A office building also contains 13k sf of retail space. It was 94% leased at the time of sale.
CBRE’s Mark Shaffer, Anthony DeLorenzo, Gary Stache and Doug Mack represented the seller, a Brookfield-sponsored private real estate fund. The buyer was an unidentified private high net-worth investor.
Suburban office is uniquely appealing to high net-worth investors as they can buy a property at a deep discount to replacement cost with good in-place cash flow at rents that have not yet met or exceeded the previous peak, offering the potential for significant upside,” noted Shaffer. “With unemployment at an all-time low in the Greater LA area, we expect suburban office to perform well as vacancies continue to drop and rents move up.”
Los Angeles County ended the year with strong occupancy gains in every submarket driven by large deals signed by content creators, government tenants and co-working companies. The 11% year-over-year rise in asking rents resulted in strong investment activity, according to CBRE research.
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