Two office parks in Southern California have traded hands, selling for $78M to Omninet Capital, the company said this week.
Colony Capital Inc. sold the 204,468 SF Park Del Amo office campus at 2355 and 2377 Crenshaw Blvd. in Torrance, which sold for $39M. TA Associates was the seller of the 194,908 SF Commerce Plaza at 5601 East Slauson Ave. and 5701 South Eastern Ave. in Commerce, which Omninet snapped up for an additional $39M.
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Both office parks are located in traditionally low vacancy areas. Torrance currently has a vacancy rate of just over 8%, NKF data shows, while Commerce's is even lower, at 6% as of Q1 2020.
“The current vacancy for this office submarket is one of the lowest in Los Angeles County as there are limited options for tenants seeking quality office space within the industrial-dominated Vernon/Commerce area,” Newmark Knight Frank’s Kevin Shannon said in a statement.
Shannon, Ken White and Scott Schumacher represented the seller of Commerce Plaza. White, Shannon and Michael Moore represented the seller in the Torrance deal.
“Commerce offers a superb credit tenant base with approximately 40% of the office product leased to federal, state and county tenants in part due to the abundant free parking, central regional location and competitive occupancy costs, ultimately making it a desirable alternative to the downtown Los Angeles and Orange County office markets,” he said.
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