COMMERCE, CA-Thompson National Properties has sold Commerce Office Park, a 285,368-square-foot institutional quality office campus located at 4900, 5500, 5700 and 5770 South Eastern Ave., and 5801 E. Slauson Ave. here. The class A, five-building office property is situated on six separate parcels in the Los Angeles Basin.
Dan Vittone, senior vice president, and Alan Pekarcik, executive vice president, in Voit Real Estate Services’ Irvine office represented the seller on behalf of the tenant-in-common owners of record, and the buyer, Omninet Commerce LP. Kevin Shannon, Scott Schumacher and Ken White of CBRE and Tom Sheets of Cushman & Wakefield also represented the seller.
“Commerce Office Park was 90% leased at the time of this sale, predominantly to departments of LA County and the State of California,” Vittone explains. “This investment offers the buyer the ability to increase rents over time and potentially sell off the five buildings individually as they are each situated upon their own parcel.”
Both Voit and TNP could not disclose details regarding the sale. An unidentified source not involved in the deal tells GlobeSt.com that it went for approximately $40 million.
The Commerce office submarket is approximately 1.1 million square feet, and has had no speculative office construction since 1991, according to Vittone. Commerce Office Park is located on the corner of S. Eastern and E. Slauson Avenues, and has access to a number of major Los Angeles freeways including the Long Beach I-710, Santa Ana I-5, SR- 60, San Gabriel I-605 and Century I-105 freeway.
“Commerce Office Park is the newest addition to Omninet Capital’s office portfolio in Los Angeles and ends the 2011 year with over $200 million in commercial acquisitions,” explains Michael Daniel, a partner at Omninet Capital.
In other TNP news, TNP Strategic Retail Trust Inc., a public non-traded REIT that invests in grocery and drug-store anchored, multi-tenant necessity retail properties and other real estate-related assets, has purchased Morningside Marketplace in Fontana, CA.
Morningside Marketplace is a neighborhood, grocery-anchored shopping center, built in 2001 and anchored by Ralphs. The property is nearly 96% occupied by a mix of national and regional tenants, including Chevron, Chase, KFC, Pizza Hut, Baskin-Robbins and Togo’s, among others.
“We believe Morningside Marketplace is well positioned to benefit from the improving retail market in the Inland Empire,” says TNP senior vice president of acquisitions, Steve Corea. “The property is in a key location, easily accessible to the 15 and 210 freeways, with strong demographics in the surrounding area.”
The retail property is comprised of 87,793 rentable square feet and consists of eight buildings on seven parcels, including four single-tenant buildings.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
