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2/21/18
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In a recent SoCal office buy, Harbor Associates LLC purchased The Commons at Valencia Gateway, a 156.6k sf office campus in Valencia, for $33.1 mil in an all-cash, joint venture acquisition in partnership with Goldman Sachs Asset Management Private Real Estate.The deal works out to about $210/sf.
The project is a two building complex situated on 10.25 acres at 25124 and 25152 Springfield Ct, east of I-5 and north of Valencia Blvd. The property is currently 81% leased to fifteen tenants.
The Commons at Valencia Gateway is one of the newest office projects in the submarket. The Class A, steel-framed buildings were completed in 2005. The campus offers tremendous I-5 Fwy visibility and ingress/egress off Valencia Blvd. The project features above standard parking with a two-story parking structure and surface parking at a 4:1,000 parking ratio. It boasts mountain and golf course views, along with efficient and divisible floorplates.
Harbor plans to renovate the common areas and build out new spec suites to provide a best-in-class workplace for the Santa Clarita Valley, while implementing energy saving improvements like EV charging stations. Upgraded gathering areas including an outdoor patio overlooking the adjacent Valencia Country Club golf course will be core elements of the asset repositioning strategy. The vacant office suites will receive new finishes throughout including LED lighting to bring the suites into a more marketable condition.
Tom Bohlinger, Ryan Smith and Justin Hager of JLL represented the seller in the transaction. For Harbor, this property marks the firm’s eleventh acquisition in the last three years. The acquisition expands Harbor’s portfolio to 16 buildings encompassing over 1 msf of space.
This purchase follows closely another SoCal office buy for Harbor, as the firm acquired Conejo Corporate Campus in Thousand Oaks for about $23 mil in a joint venture with Blue Vista Capital Management, as reported on RENTV about a week ago. That complex, consisting of 198k sf of space in two buildings, was formerly the corporate headquarters for Amgen for over 10 years.
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