Newmark Knight Frank’s Los Angeles-based Capital Markets team has completed the $147M sale of Orange County’s third-tallest office building.
KBS Capital Advisors purchased City Tower, a Class-A, 20-story, 435,177 SF high-rise office building that is adjacent to the UC Irvine Medical Center from Torchlight Investors.
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Newmark Knight Frank’s Kevin Shannon, Paul Jones, Sean Fulp and Blake Bokosky represented the seller. KBS Capital Advisors was self-represented.
“Central Orange County has been seeing an increase in tenant demand, yet no new office construction, which bodes well for rent growth and asset appreciation,” Jones, a senior managing director at NKF, said in a news release.
“Our NKF Capital Markets team secured a strong price of more than $338 per square foot for this asset,” he said. “That price is testimony to investor confidence in the submarket as well as the value in this core, high-image office tower.”
Built in 1988, City Tower sits on 4.9 acres at 333 City Blvd. W. It is 78% leased.
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SALES
HQ Creative Office has purchased a Class-A creative office property in Santa Monica from the Hertz Investment Group for $13.25M. The two interconnected buildings at 1522 Second St. total 15,329 SF and are vacant. The new owners plan to redesign the property. Madison Partners’ Bob Safai, Matt Case and Brad Schlaak represented the seller. Bob Safai and Joe King will remain as the building’s leasing agents.
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Platinum Storage Group has purchased an office building in Newport Beach from a private investor for $3.3M. Built in 1979, the 8,056 SF office building at 4929 Campus Drive is 100% occupied. NAI Capital’s Bob Davis represented the seller.
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Mory LLC has purchased a multi-tenant retail property in Westwood Village in West Los Angeles from an undisclosed private trust for $4M. The two-story, 6,340 SF building at 1136-1140 Westwood Blvd. houses a D’Amores Pizza on the ground floor and office tenants on the second floor. CBRE’s Alex Kozakov, Patrick Wade and Matthew Greenberg represented the buyer and seller.
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Sheppard Conservatorship and Escamilla Trust have sold two industrial buildings in Gardena to Garbo Holdings LLC for nearly $3M. The two industrial buildings total 16K SF and sit on 40K SF of land at 1735-1739 West 132nd St. in Gardena. The Klabin Co.'s David Grote represented the seller.
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Fannie and Yee-Horn Shuai have purchased a four-unit multifamily property in Torrance from SB Investment Partners LLC for $2.03M. The newly constructed modern townhouse at 20520 Western Ave. consists of four, three-story, three-bedroom and three-bathroom units. NAI’s Tim Steuernol and Izzy Sanchez represented the buyer and seller.
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Kelemen Caamano Investments has acquired an office building campus in Irvine from an undisclosed REIT for $41.7M. Built in 1986, Corporate Pointe consists of five two-story buildings totaling 160,499 SF on 10 acres at 1, 3, 5, 7 and 9 Corporate Park. The office buildings are 97% leased. Los Angeles-based Newmark Knight Frank’s Kevin Shannon, Paul Jones, Brunson Howard, Ken White, Rick Stumm and Blake Bokosky represented the seller. Kelemen Caamano Investments was self-represented.
EXECUTIVE NEWS
Multifamily expert Josh Luchs has joined the CBRE Capital Markets team in Century City as senior vice president. Luchs will be responsible for enhancing the company’s multifamily investment sales presence across Southern California. Prior to joining CBRE, he worked at Marcus & Millichap and as a sports agent.
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