The six-building complex was sold by locally based Landmark Asset Management Group and DRA Advisors Inc. of New York. The building is about 90% occupied, with tenants including ALTEC Inc., Dole Fresh Fruit Co. and Behr Corp.
The Irvine office of Cushman & Wakefield represented all parties in the transaction.
Though based in New York, Investcorp has been an aggressive purchaser of property in Southern California and other parts of the West. Its recent acquisitions include a 221,224-sf shopping center in the Orange County community of Brea and smaller commercial developments in Westlake Village, Long Beach and the Bay Area town of Pacifica.
Investcorp has teamed with Pacifica Real Estate Group before. The two firms started a hotel co-investment program in 1997 and have since purchased more than a half-dozen coastal lodging properties in the Southland together, says Ed Lord, Investcorp's business coordinator.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
