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2/28/17
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A joint venture between LaSalle Investment Management and Pacshore Partners has purchased The West LA Creative Portfolio, a three-building, Class A creative office portfolio located in Playa Vista and Malibu. The acquisition was funded with $89.2 mil in balance sheet bank financing arranged by CBRE.
The portfolio encompasses two buildings in Playa Vista and one in Malibu. Combined, the portfolio’s three buildings contain 215.3k sf of creative office space.
The Playa Vista property, which was recently renovated, is The Annex, consisting of buildings at 5340 Alla Rd and at 12901 West Jefferson Blvd. The Malibu property, now under renovation, is The Enclave, located at 22619 Pacific Coast Highway.
Brad Zampa, Mike Walker, and Megan Woodring of CBRE’s San Francisco office arranged the five-year, non-recourse, low-leverage, floating-rate acquisition financing at a very competitive spread priced over 30-day LIBOR. The financing was provided by a life company looking to gain additional exposure to core markets with well-heeled commercial real estate investors.
According to Zampa, “Certain life companies are using their balance sheets to fill both the pricing and leverage gap that exists between banks and debt funds, which is creating more lender competition and therefore more choices when completing the capital stack.”
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