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8/21/17
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Majestic Asset Management sold two LA area office properties, in Van Nuys and Westlake Village, for a combined price of around $67 mil.
In the larger deal, Pacific Reach Properties paid $61.9 mil for Sherman Plaza, a two-building, 267k sf ($232/sf) campus in Van Nuys. Majestic purchased the asset in 2011 and has continued to make improvements to it.
The buildings feature large efficient floorplates, ample outdoor space and abundant parking. They are 93% occupied, including such tenants as The State of California and Loan Mart.
In the other transaction, plastic surgeon Dr. Schwartz purchased a 14.6k sf Westlake Village office property for just over $5 mil ($342/sf). The asset is located at 4373 Park Terrace Dr, within The Campus @Westlake.
Majestic acquired the campus last year, with plans to sell the two smaller buildings to owner-users. The new owner is planning a new state-of-the-art facility, which will include a new office, two accredited surgical suites, recovery facilities, and a high-end medical spa.
CBRE’s Troy Pollet and David Solomon represented Majestic Asset Management in the Westlake Village transaction and co-represented Majestic with Newmark Knight Frank’s Kevin Shannon, Ken White, Rob Hannan and Brad Burton in the Van Nuys deal. The Sherman Plaza buyer, Pacific Reach Properties, represented itself while Tony Principe of Westcord Commercial represented the buyer, Michael R. Schwartz, M.D, in the Westlake Village transaction.
Investment activity remains strong in the Greater Los Angeles office market, according to CBRE Q2 research. Office employment in the Greater Los Angeles area has continued to grow at a steady pace, consistent with broad economic expansion. Rents are likely to tick higher in 2017 due to anticipated growth in demand for office space.
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