Pacific Office Properties Trust, Inc. has finalized the acquisition of seven complexes (the “SoCal Portfolio”) consisting of over one million leasable square feet in 15 office and flex buildings located in Los Angeles, Orange County, and San Diego. Pacific Office was formed earlier this year through a contribution of The Shidler Group’s Western U.S. office building portfolio and operations to an existing public entity.
The $195 million SoCal Portfolio joint venture increases Pacific Office’s total portfolio under management by 30% to 4.3 million leasable square feet. In a GlobeSt.com article detailing the transaction, Dallas Lucas, president and CEO of the Santa Monica-based REIT, says that the SoCal Portfolio represents “our entrance into our target market of Los Angeles, a selective expansion into the Orange County market and further growth of our dominant presence in San Diego.” Pacific Office will hold a managing ownership interest in the SoCal Portfolio, which will be owned in partnership with its institutional co-investor, a real estate fund organized and managed by a subsidiary of Invesco, Ltd.
Following is an overview of the properties included in the SoCal Portfolio:
Los Angeles
Gateway Corporate Center – 85,000 square foot institutional quality office building in Eastern San Gabriel Valley
Orange County
Savi Tech Center – four-building office/flex campus with 372,000 square feet in the North County Anaheim Hills submarket
Yorba Linda Business Park – five office/flex buildings totaling 166,000 square feet in the North County Anaheim Hills submarket
South Coast Executive Center – 61,000 square foot office building located in the heart of the sought-after South Coast Metro submarket
San Diego
Carlsbad Corporate Center – a prominent 125,000 square foot office/flex building located in the attractive submarket of Carlsbad
Via Frontera Business Park – two office/flex buildings totaling 79,000 square feet located in the high-tech area of Rancho Bernardo
Poway Flex – a two-story office structure with an attached industrial building totaling 112,000 square feet in the Poway light industrial submarket
For more real estate news and information, visit Blumberg Capital Partners.
Comments