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Arden Acquires Six Buildings for $150M

LOS ANGELES-In its second large closing in the past week, the company acquires assets from Layton Belling & Associates and Transpacific Development Co.

By Bob Howard | Updated on December 27, 2006

LOS ANGELES-Arden Realty, in its second large closing in the past week, has acquired six office buildings in Southern California and Phoenix from Layton Belling & Associates and Transpacific Development Co. for a total of $150.2 million. The deal includes the sale by long-time local developer Transpacific of the last California asset that it had both developed and owned.

The new Arden acquisitions, which total approximately 571,500 sf, include the $107.5-million purchase of five Layton Belling buildings at two properties, Towne Centre Plaza in Foothill Ranch and Airport Technology Center in Phoenix. Towne Centre Plaza consists of three buildings totaling 205,077 sf at 26632, 26642 and 26672 Towne Centre Dr.; Airport Technology Center comprises two buildings totaling 196,501 sf at 4127 and 4129 E. Van Buren St.

The sixth building is the deal with Torrance-based Transpacific, in which Arden bought a 169,926-sf building and five-story parking structure at 17777 Center Court Dr. in Cerritos that Transpacific completed in 2002. The Center Court Drive property, which is on a ground lease with the Cerritos Redevelopment Agency, is the ninth Cerritos office building to trade in recent months and the 10th this year.

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