University Park consists of a pair of two-story buildings, which include a total of 130,000-sf of office space. The property, which is located at 100 Howe Avenue, was 99.4% leased at the time of the sale, with 40% of the space occupied by the State of California.
Bob Gilley and Steve Hermann of Insignia/ESG represented the seller, Archon Group LP of Los Angeles, in the transaction. Archon Group is the agent for WXI/CAR Real Estate Limited Partnership. Miles Treaster represented DRA Advisors.
According to Opinion Research Corp., 45% of investors expect real estate to outperform the stock market in the next three years, while only 12% think real estate will do worse.
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